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Case
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Reference no. 919-0039-1
Authors: K Saranya
Published by: Amity Research Centers
Published in: 2019
Length: 7 pages
Data source: Published sources

Abstract

Artificial Intelligence (AI) was fast evolving as the go-to technology for companies across the world to personalise the experience for individuals. Rapid advances were being made in AI, making it a vital business tool. AI had the potential to transform the insurance industry in multiple ways. The most obvious areas where it could be used included 'claims processing, underwriting, fraud detection and customer service'. Insurance analysts used historical and present data to assess policies and claims to make well-versed decisions. AI took this a step further to forecast future outcomes. The insurance industry was only beginning to adopt AI, with many established players speculating ways to incorporate AI into their regular activities. InsurTech startups were also using AI for streamlining insurance operations, to produce better underwriting models and to offer superior customer service. While AI provided an opportunity for insurers to transform their operations, implementing AI was not simple and was faced with issues relating to 'data quality, privacy and infrastructure compatibility'. Would the insurance sector overcome the initial hurdles and leverage the benefits of AI?

Teaching and learning

This item is suitable for undergraduate, postgraduate and executive education courses.

Time period

The events covered by this case took place in 2019.

Geographical setting

Region:
World/global

About

Abstract

Artificial Intelligence (AI) was fast evolving as the go-to technology for companies across the world to personalise the experience for individuals. Rapid advances were being made in AI, making it a vital business tool. AI had the potential to transform the insurance industry in multiple ways. The most obvious areas where it could be used included 'claims processing, underwriting, fraud detection and customer service'. Insurance analysts used historical and present data to assess policies and claims to make well-versed decisions. AI took this a step further to forecast future outcomes. The insurance industry was only beginning to adopt AI, with many established players speculating ways to incorporate AI into their regular activities. InsurTech startups were also using AI for streamlining insurance operations, to produce better underwriting models and to offer superior customer service. While AI provided an opportunity for insurers to transform their operations, implementing AI was not simple and was faced with issues relating to 'data quality, privacy and infrastructure compatibility'. Would the insurance sector overcome the initial hurdles and leverage the benefits of AI?

Teaching and learning

This item is suitable for undergraduate, postgraduate and executive education courses.

Settings

Time period

The events covered by this case took place in 2019.

Geographical setting

Region:
World/global

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