A New Dimension of the Digital Revolution

Artificial intelligence has already made inroads into many industries, with the insurance sector recognising its growing potential. This is particularly evident as the amount of data to be analysed continues to increase, while at the same time the amount of regulation associated with data use and sharing is also growing.

Just a few years ago, the insurance industry was considered to be one of the least digitally advanced segments of the financial market. This perception is changing rapidly, as seen by the number of companies that are investing heavily in digitalisation and process automation, but also to a significant extent utilising new technologies, including artificial intelligence (AI) and machine learning (ML). They are doing this for good reason. These technologies offer a pathway to better understand customer needs, enhance customer comfort, improve efficiency, assess risks more accurately, refine insurance pricing, streamline claims processes, and enhance detection systems for insurance fraud and crime. Additionally, they provide a competitive edge in a landscape where personalized offers and digital sales channels play an increasingly pivotal role.