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Some call Artificial Intelligence , the peak of human ingenuity . Although still in its infancy , the successes of Artificial Intelligence are mounting . The technology ’ s ability to automate repetitive processes with intelligence makes it a decidedly disruptive power in many sectors . It is transforming businesses and entire industries , from healthcare , manufacturing , and logistics to banking , financial services , and insurance .
Yet , research shows a marked decline in enthusiasm about Artificial Intelligence and increasing outrage about its societal impact . An August 2023 survey from the Pew Research Centre found that 53 % of Americans say Artificial Intelligence is doing more to hurt than to help people keep their personal information private . Only 10 % say Artificial Intelligence helps more than it hurts . The majority of Americans are concerned about online privacy and a lack of control over their own personal information .
These fears are unfounded . Artificial Intelligence has the potential to make industries more efficient , accurate , secure and customer-centric . Although we are barely scratching the surface of its potential , Accenture research shows that organisations higher up on the Artificial Intelligence maturity scale are using it to outpace their competitors and achieve 50 % higher revenue growth than their peers as a result .
Artificial Intelligence is here and it is here to stay . It will likely be as or more transformative than the Internet . While calls to oversee this technology with care are founded , the stance on Artificial Intelligence in insurance is unequivocally positive .
By integrating Artificial Intelligence , insurers stand to benefit from a 10x increase in development speeds , transforming the market with products more closely aligned with individual customer requirements than ever before . This rapid pace of development is a significant change in an era where customer expectations are constantly evolving .
It is important to note that clean data makes Artificial Intelligence better . Its algorithms are well-suited to businesses where there is an established data workflow with large data volumes . Sectors which have maintained long-standing data banks , such as insurance , stand to benefit the most . Add an insurtech platform and you have easy access to this data , making it simpler for you to use Artificial Intelligence more productively and create more value for your customers .
Artificial Intelligence ’ s role is multifaceted , impacting every part of the insurance value chain . In marketing
Charlotte Koep , COO Root
We recognise the technology ’ s potential to drive efficiencies as well as objectivity in underwriting and claims decisions . The potential to enhance financial inclusion is an important consideration . As with most technologies , human oversight remains crucial . It is a delicate balance between leveraging Artificial Intelligence for efficiency and maintaining human judgement for ethical and complex decisions .”
By increasing operational efficiency , generative Artificial Intelligence has the power to transform the insurance sector , opening up innovation opportunities and strengthening customer relationships . Of course it is essential that insurers proceed mindfully , but the industry is already highly regulated and intensely scrutinised , which mitigates against many of the areas of concern around Artificial Intelligence .
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