Other parts of this series:
In the previous post in this series, we looked at the potential of artificial intelligence (AI) to transform the insurance workforce. We anticipate that customer service will see the most radical improvements from this shift, as AI complements RPA and evolves from pre-programmed execution to intelligent decision-making.
Intelligent, end-to-end solutions will connect the front and back offices in ways that were previously impossible. For example, human customer service representatives will have access to the most relevant customer service data. AI solutions may advise a claims handler of the next best action to take during a difficult or emotional phone call, and they will create frictionless experiences for customers, such as offering the same high level of customer service at any time and on any device.
We see AI as transforming the way leading insurers of tomorrow will organize, run and grow their businesses.
Insurers will also start using AI to unlock the hidden value in their data, such as by interrogating and visualizing enterprise and customer data in ways that have not previously been attempted. This will require leveraging data across the whole business, rather than keeping it in silos. Instead of using customers’ claims data only to identify fraudulent behavior, insurers may use it to generate insights into the better design of insurance products.
Insurers should also look beyond their own datasets to unlock growth. New types of external or public data could let them tap into new revenue streams, while taking an innovative approach to data may serve as a catalyst for innovation in other parts of the business. The Accenture Future Workforce Survey indicated that most insurers expect their firm to benefit from adopting AI: 55% anticipate additional data analysis and insight, while 52% expect increased revenue opportunities.
We see AI as transforming the way leading insurers of tomorrow will organize, run and grow their businesses. They’ll use AI to reduce costs, fuel innovation and create better experiences for customers. And they’ll adapt their workforces and operating models while ensuring that the technology is used responsibly and ethically.
AI is not a threat, but rather a tool to empower people to reach new heights in their working lives. The technology is already here, so it’s time to get ready for intelligent insurance.
Click here to read more about how AI is transforming insurance.