Long before the COVID-19 pandemic, insurers were investing in digital transformation, spurred by the rise of startups.Technology
Those investments took on new urgency as the pandemic forced businesses across industries to move to digital operations to stay afloat.
Over the long term, no technology will prove as vital to insurers’ agility and success as artificial intelligence, whose far-reaching impact will define the next wave of insurtech innovation.
Legacy players and nascent startups alike will leverage AI and machine learning to enhance customer service, speed claims processing and improve the accuracy of underwriting â€“ enabling insurers to match customers to the right products, operate with greater efficiency and achieve better results.
Though insurance is often cast as slow to embrace technology and innovation, in a certain respect AI is very much within the industry’s wheelhouse.