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AI Redefine Insurance

[HUMAN X PROCESS X DATA] AI

84% of insurers in the UK & Ireland think Artificial Intelligence (AI) will either significantly change or completely transform the industry over the next three years.

But how should insurers go about leveraging this new technology and implementing it in their organisations? The insurers that will benefit most from AI will be those that are prepared to rethink their approach to their people, their processes and their data. With an intelligent framework that augments their people’s work, rethinks how they operate with intelligent automation, and unlocks growth through data.


Insurers are facing pressure to evolve, and view AI as a game-changing technology

[HUMAN x PROCESS x DATA] AI
86% of UK&I insurers agree that technology is no longer advancing in linear fashion, but rather than at an exponential rate.

...of UK&I insurers agree that technology is no longer advancing in linear fashion, but rather at an exponential rate.

88% of UK&I insurers believe they must innovate at an increasingly rapid pace simply to retain a competitive edge.

...of UK&I insurers believe they must innovate at an increasingly rapid pace simply to retain a competitive edge.

84% UK&I insurers think that AI will either significantly change or completely transform their industry over the  next three  years.

...UK&I insurers think that AI will either significantly change or completely transform their industry over the next three years.


CASE STUDY:
THE TRUSTED ROBO-ADVISOR

Imagine having a virtual financial advisor which truly understands your complex needs, goals, and risk appetite. It would act in a proactive way to secure the future you deserve. It would work tirelessly, 24/7, 365 days a year, to understand your evolving lifestyle from the data feeds to which you've given it access. It will spot opportunities for savings on your insurance and better returns on your investments. And it won't just be able to recommend the best course of action—if you want, it will act on the decisions you make too.

EMBRACING INTELLIGENCE

AI represents a technological revolution like no other. Unleashed from the realm of science fiction, this is a real-world technology that is ready to be implemented in insurance firms—today.

As high-powered computing becomes ever more readily available, and as vast data sets needed for training AI solutions become more accessible, the capabilities will continue to grow exponentially. The world has barely scratched the surface of AI’s possibilities.


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MEET THE AUTHORS

Roy Jubraj

Roy Jubraj
Digital & Innovation Lead,
UK & Ireland Financial Services

Mail to Roy Jubraj. This opens a new window. Blogs
Charles Whatling

Charles Whatling
Artificial Intelligence Lead,
UK Insurance

Mail to Charles Whatling. This opens a new window.
Simon Tottman

Simon Tottman
Insurance Research Lead,
UK & Ireland

Mail to Simon Tottman. This opens a new window.

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