Nick Pester looks at how AI is entering the insurance market in the Intelligent Insurer,and explains why there's no avoiding automation - "customers are demanding more information, more flexible products, efficient claims handling and the ability to make insurance decisions in a matter of minutes from smart devices". He looks at why the market has been so slow to adapt, and the problems still to come with using the new technology.
Automation has arrived in the insurance market and will revolutionize many roles, especially that of the underwriter. But companies must develop a long-term strategy designed to embrace automation rather than just seek short-term wins. That is one of the conclusions of a report by London based software developer Excel in Business (EiB), which provides automated premiums and claims management information (MI) for MGAs, insurers and brokers, exploring the impact of data quality in the insurance industry.