Automate at scale to augment human talent
Future-ready insurers know how important automation is to operating as a digital-first company. They rank it as the most critical factor for digitizing business processes, tied with AI for the top spot. The industry as a whole has made great strides in automating manually-intensive and repetitive operations tasks across the value chain. For example, incoming mail is digitally ingested with optical character recognition technology, AI and natural language processing.
Boost AI power across the enterprise with cloud
Data has long been at the heart of operations decision-making for insurers. A full 84% say that they design their operating model based on data rather than on executive experience or intuition.
Improving their ability to scale AI is a key opportunity for insurers to make different—and better—use of data. AI gets smarter over time by ingesting the data and determining the relevant information to extract to improve decision-making in underwriting and claims processes.
The good news is that 43% of insurers have fully adopted AI and data science capabilities—a six-fold increase from 7% just three years ago. Cloud costs have decreased consistently over the last five years, and security and regulatory compliance in the cloud have improved—which makes it the perfect vehicle to help insurers scale automation and AI while reducing legacy technology debt.