Are You Ready for Artificial Intelligence?

Artificial Intelligence - April 17 2019

To say that there’s a lot of hype around artificial intelligence in commercial insurance right now is a massive understatement. Almost every day, a new AI start-up or Insurtech venture bursts onto the scene, promising to revolutionize how commercial insurance works and cure all its chronic ailments.

After many years of lagging behind personal lines in insurtech investments, commercial insurance carriers and brokers aren’t just jumping on the AI bandwagon; they’re taking the reins and steering the industry toward an AI-enabled future where human and digital employees work together side by side.

 According to a study by Accenture, 67% of insurance executives agree that adopting AI will be critical to their organization’s ability to differentiate in the market*. And Gartner has predicted that by 2021 AI augmentation will generate $2.9 trillion in business value and recover 6.2 billion hours of worker productivity**.

Hype Versus Hesitancy

Despite the hype – or perhaps because of it – many commercial insurance brokers and carriers aren’t sure if they’re ready yet to deploy AI. They don’t know where to start and struggle to chart a clear path forward from AI hype to “how”.

While any new and disruptive technology should be evaluated with a degree of healthy skepticism, too much hesitation may come at a cost. “Those organizations that haven't given thought to AI investments run the risk of quickly losing competitive advantage,” according to a recent Deloitte Consulting Tech Trends report covered by Digital Insurance.

Quiz Time

We’ve put together a checklist of 13 questions you should ask to help you determine if your organization is ready to deploy artificial intelligence. We look at the key areas where AI can benefit commercial insurers the most, and the urgent trends that are driving insurance brokers and carriers to adopt AI sooner than later.

The checklist provides insurance-specific insights into current trends driving AI adoption, the business benefits of AI, and important questions to ask when considering an AI deployment. We look at the challenges that commercial insurance brokers and carriers face – from changing customer expectations to age-old manual processes that continue to hamper growth, expense control and loss avoidance – and how AI-enabled solutions are helping to solve these longstanding problems.

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* Accenture Future Workforce Survey Insurance: Realizing the Full Value of AI (April 2018) 

** “10 Ways AI Will Change Insurance in the Next 5 Years.” David Weldon. Digital Insurance, June 2018. 

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