How to Choose the Right AI Solution for Commercial Insurance

Artificial Intelligence - June 26 2019

There’s no question that AI in commercial insurance is having a moment. Under growing pressure to drive operational efficiencies, cut costs, write more premiums, and deliver a better customer experience, traditionally risk-adverse commercial insurers are embracing artificial intelligence with open arms and rushing to develop their AI capabilities.

The rapid evolution of AI solutions for insurance has caught many brokers and carriers flat-footed. Facing a global AI skills shortage and a lack of internal AI expertise and experience, insurers are turning to AI startups to fill the gap. According to Deloitte, 59 percent of companies get their AI through enterprise software vendors with specialized AI expertise. There is a growing recognition among commercial insurers that it is better to partner with AI startups than to be disrupted by them.

But the vast number of AI solutions available on the market is creating headaches for brokers and carriers who must wade through the AI hype and separate fact from fiction when it comes to the bold claims of AI vendors.

Gartner predicts that enterprises will derive up to $3.9 trillion in value from AI by 2022. With literally thousands of AI startups all vying for a piece of that $3.9 trillion, commercial insurers struggle with how to choose the right AI solution for their business. The sheer number of AI solutions can cause information overload and ‘analysis paralysis’ for innovation and buying teams. Fear of making the wrong choice can delay critical digital transformation initiatives from getting off the ground.

How can commercial insurers evaluate the strengths and weaknesses of various AI solutions and approaches? History also tells us that not all startups survive. How can you ensure that the AI technology provider you partner with today will be around to support you in the future with new AI-powered features and functionality? These are just some of the questions that keep buying teams up at night. The fact that insurance executives aren’t known for having a hearty risk appetite when it comes to spending on technology raises the stakes even higher. 

To help you in your search, we’ve put together an AI Buyer’s Guide and Worksheet with key considerations and questions to ask when evaluating AI solutions for commercial insurance. Inside you’ll find insurance-specific guidance on what to look for in an AI solution. This handy guide and the accompanying worksheet in Excel will help you compare AI capabilities to navigate your technology selection process.

Download Your AI Buyer's Guide & Worksheet

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