Artificial intelligence: Revolution started in the insurance industry!
Artificial intelligence: Revolution started in the insurance industry!
Frankfurt (Oder), Deutschland - The insurance industry stands between tradition and digital future, as the current "Ki Monitor-Assucrance" by . Artificial intelligence (AI) not only changes the customer journey, but also the business processes fundamentally. In particular, younger, technology-savvy customers are already regularly dependent on AI applications and expect more faster, more convenient and cheaper solutions from insurers.
A study reveals that around 55 to 75 percent of insurance customers are open to the use of AI in various phases of the customer journey. But what does it look like? 54 percent of the respondents could imagine using AI chatbots for questions about insurance, while 21 percent have already used such tools. Chatbots for appointments and changes in personal data are particularly very popular. However, acceptance decreases when it comes to more complex issues such as damage regulation or insurance.
the market development and challenges
The market for artificial intelligence in the insurance industry will grow on a whopping $ 79 billion by 2032, so a report by kpmg . But not only the numbers speak for themselves. Many insurers rely on a strategic and cautious approach in the introduction of AI technologies. Machine learning improves the risk assessment and helps with fraud prevention.
But where does the industry actually stand? According to deloitte , 94 percent of the insurance companies surveyed focus on optimizing operational efficiency. Nevertheless, many insurers operate with a lack of qualified AI specialists, which urgently requires further training initiatives. The demand for talents is still high, and many companies invest in Data Academies and AI Leadership Training.
The way to digital transformation
How do insurers manage to master these challenges? A modular approach with IT outsourcing and partnerships could be the key. More and more companies are moving non-core IT functions and working with technology start-ups and consulting companies. After all, the success of AI is closely linked to the digital transformation of companies, whereby high-quality data and modern cloud infrastructures are essential.
In order to fully exploit the benefits of AI, internal hurdles must also be overcome. Data management and change management are challenges that require robust governance. A well-structured AI operating model that can be synchronized with the strategic business objectives is therefore essential.
summarized can be said: The insurance industry has the potential to benefit significantly through artificial intelligence. The willingness of the customers are available, the technologies are improved, and with the right strategies, insurers can successfully design digital transformation.
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| Ort | Frankfurt (Oder), Deutschland |
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