Artificial Intelligence - May 23 2019
Under pressure to write more premiums, cut costs, gain operational efficiencies and deliver a better customer experience? The insurance industry like others is experiencing a change in customer expectations, competitive pressures, and market demands that are forcing rapid change. Disruption is happening on all fronts. With non-traditional insurers entering the market, traditional insurance carriers are being forced to change how they do business or succumb to business loss to new market entrants. Customers’ expectations for faster, and efficient service are at an all time high.
The Internet of Things (IoT) is affecting everyone as consumers and businesses are provided with a vast array of options, are better educated and well informed when it comes to selecting insurance products.
Swimming in pools of data, steeped in manual processes, risk-averse and challenged with having access to the right data at the right time, leaves commercial insurance carriers grappling for a life preserver.