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A Superior Experience: Digital Insurance Premium Refunds & Agent Commission Payments
To account for a reduction in driving during the pandemic, auto insurers gave back more than $18 billion in premiums,...
Over the past year, concerns have been made regarding artificial intelligence replacing many human jobs in the insurance industry, particularly with positions cited as having the highest potential for automation such as underwriting and claims. However, as this advanced technology makes its way into the mass market, new research shows that the collaboration of machines and humans is actually complementary, enhancing current business capabilities in a variety of ways.
According to a recent Accenture report, over 75% of insurance executives surveyed feel that artificial intelligence (AI) will either significantly alter or completely transform the insurance industry within the next three years, and 39% believe that AI will revolutionize their company’s existing business operations. But with all the positive changes AI has brought, there is still more to come. The following are four ways AI will continue to increase business value for insurers as we move into the new year.