How the Insurance Industry is Leveraging AI
Insurance is one of the most critical industries there is; it is what saves people and organizations from falling into financial trouble after a crisis or an unforeseen event. However, it is often deemed as the least innovative industry with outdated processes, time-taking procedures and delays, legacy IT systems, and many dissatisfied and even disgruntled customers. r With the change in demographics and a rapidly growing population of millennials who are tech-savvy and like to perform their banking and finance-related transactions online, it has also become indispensable for every organization in the banking and finance sector to cater to their needs. Evidence has it that millennials are more likely to purchase insurance online if the time and hassle costs are lower, unlike the middle-aged and older demographic that prefers purchasing insurance after meeting and discussing options with an insurer. So, the insurance industry is slowly and steadily working its way out of this reputation of being technologically outdated and of providing inconsistent and friction-filled customer experiences. How Through a digital transformation lead by Artificial Intelligence (AI) and Machine Learning (ML). To effectively understand how technology and AI have disrupted and revolutionized the insurance industry, we must first look at how the industry is leveraging AI.
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