Automation

When RPA platforms are integrated with chatbots, they open the possibility for chatbots and voice bots to handle more complicated, less routine driven tasks in real time.

But carriers are looking for these technologies to prove themselves before widespread deployment, says Novarica study.

Carriers enter the new year with a sense of urgency to deploy faster, higher-impact capabilities aimed at enhancing underwriting, claims and customer interaction, says Aite Group.

Insurers face the risk of investing too heavily in RPA if they treat it as a long-term solution rather than a temporary fix.

Efforts to make AI more accessible also may alleviate the shortages of data and computer scientists.

The move has enabled the reinsurer to develop a new underwriting system, leading to faster product launches and enhanced data analytics.

Many of these dangers stem from the increasing reliance of financial services companies on outside technology firms.

Some tasks require so much human judgment, intuition and empathy that it will be a very long time, if ever, before AI assumes control.

Insurance industry as a whole, however, lags other financial services somewhat in implementing robotic process automation, according to PwC.

Artificial intelligence, the IoT, cloud computing and cryptocurrencies are among the technologies that will dominate new IT investments, according to the researcher.

he software-as-a-service product creates tailored reports for end users across the insurance organization.

SVP Jerry Gupta notes the emerging technology has increasingly been used in distribution and claims straight-through processing.

For governments worried about how to save millions of jobs from the threat of automation, Nordea Bank AB has the answer: just do as the Nordicks do.

It’s critical that today's students understand how analytics is evolving and how artificial intelligence can help solve real world problems.

Carriers are working to change the culture around underwriting to be more data-driven, says EY study.

Only about 20% of organizations have incorporated AI into some processes today, and five percent have extensively incorporated the technology.

Organizations see AI as a way to reduce the time employees spend on routine and administrative tasks, enabling them to deliver more value, says Capgemini study.

Attracting workers with these skills is becoming an imperative for carriers, which are trying to fill a number other tech-related jobs.

Most initiatives that are designed to improve business performance fail because the organization doesn’t adequately explain the benefits with the change.

The technology has emerged as the number one top new initiative planned this year among CIOs, who are looking to maintain efficiency and productivity despite restricted budgets.