Customer Trust Emerges as the Key Factor in Claims Processing (Insurance Business )

Customer Trust Emerges as the Key Factor in Claims Processing

  Friday, September 15th, 2023 Source: Insurance Business

New data from claims automation insurtech revealed that customers place greater importance on fair decision-making and trust than speed when settling insurance claims using AI.

Over half (51%) of those surveyed indicated they would be unlikely to switch from a non-AI-assisted insurer to an AI-assisted insurer, even if the AI provider offered a faster claims process.

The potential value of AI in insurance is expected to reach nearly US$80 billion by 2032, and its benefits to the industry are clear. However, to fully capitalize on these benefits, the report noted that insurers and technology providers must address the knowledge and trust gap among consumers regarding AI.

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