The Insurance Industry
The insurance industry is notorious for having been a slow adopter of advancing technology in the past. In recent years, however, advancing technology and the sheer amount of data required in claims processing and other processes have force the sector to adopt the use of AI to stay stay ahead of the competition. A recent study from Tata Consultancy Services reported that the insurance sector has invested over $124 million in AI, trumping the $70 million invested in other industries.
Nevertheless, insurers face a number of challenges in their quest to claim and retain customers. Large-scale mistrust, fierce competition and an increasingly demanding consumer base are forcing the industry to evolve quicker than ever. If they want to survive, they are turning to AI to help streamline their workflows, decrease fraud and increase customer-centricity.