Forrester has identified 12 AI technologies and solutions that can help insurers achieve improved operational efficiencies and better customer experience (CX). AI is currently not pervasive in insurance; however, insurers have experimented with AI in four primary focus areas.
In their quest to become digital insurers, insurance carriers have a revolutionary opportunity to improve their businesses with new and emerging artificial intelligence technologies. It is certainly a balancing act to find that perfect peanut butter-and-jelly combination of operational efficiency and customer engagement, however I believe many insurance carriers to be up to the task – with the right guidance at least (see my AI-Driven Customer Experience In Insurance and AI-Driven Risk Management In Insurance reports). When determining how to make these AI investments, there is much to consider – from managing risk exposure and fraud detection to understanding your customers’ needs and how your insurance products and services deliver the experience expected by consumers.