Artificial intelligence adoption across the insurance industry is taking off. In its report, “The Dawn of the Age of AI in Insurance,” Genpact noted that insurers recognize the value and potential of AI, “with 87% of carriers investing more than $5 million in AI-related technologies each year. This is more than both banking (86%) and consumer goods and retail companies (63%).”
Genpact’s researchers also projected that AI would make a fundamental impact on the insurance industry in the coming years. Signaling this prediction will hold, the National Association of Insurance Commissioners’ Innovation and Technology Task Force formed a working group devoted to AI, which drafted the recently adopted “Principles on Artificial Intelligence (AI)” to help guide third parties, regulators and NAIC committees looking into AI in insurance.
As the technology continues to mature, carriers continue to experience better outcomes and greater operational efficiency. And the really exciting part is that we’re still in the early innings in terms of what AI can do as well as the types of that are possible.
So, where will the industry go from here? What do organizations need to do to prepare for next-level insights? Let’s dive in.