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Insurance industry could see considerable growth in AI use

There are many technologies insurance companies might turn to to try to reduce costs and improve the efficiency of their operations. Among these are artificial-intelligence-based systems. Such systems can be used in a customer service capacity. An example of this is providing customers with access to a “virtual assistant," such as through a mobile app, which can help with obtaining basic policy and claims information.

A recent survey of insurance executives indicates there is already a fair amount of AI use within the insurance industry. According to the survey’s results, “virtual assistant” AI technology is something around two-thirds of insurers make use of.

The survey further suggests that AI use is likely to grow considerably in upcoming years. Reportedly, 85 percent of the surveyed executives indicated they were planning on making significant AI technology investments over the next three years.

As insurance companies turn to AI more and more in customer service, one thing it could be important for such businesses to keep a close watch on is how this impacts customer satisfaction and how clients view their company. Insurers can be heavily impacted by what opinions customers have of them. Thus, the importance of maintaining a good reputation among consumers can be a key thing for insurers to keep in mind in all types of interactions with customers, including when handling claims disputes with customers.

One wonders if the future will see a big expansion in the types of things insurers use AI technology for. What impacts do you think AI technology will have, overall, in the industry?

Source: Insurance Journal, “Insurers Increasingly Embrace Robots over Humans for Customer Service,” Oliver Suess, April 19, 2017

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