While some major insurance companies are investing aggressively in AI, most insurers are moving slowly, unsure how best to deploy these technologies. In our 2018 AI survey, only 51% of insurance executives said that AI technologies were extremely or very important to their company’s success today, which was lower than for any other industry.
However, making the transition to an AI future is no longer optional. AI is combining with three trends that are changing the face of the industry: an explosion of data, the entrance of nontraditional competitors and the rise of ecosystems. Rather than a technology issue, AI will become central to business strategy, encompassing both the products offered and the customer experience delivered.
Insurers need to pick up the pace of investment in AI or they will be left behind. In this process, they can benefit by considering the guidelines covered in this white paper.