Pragmatic Approaches for Today, Promise for Tomorrow
Mark Breading, Partner, Strategy Meets Action
Karen Furtado, Partner, Strategy Meets Action
Publication Date: July 2018
Artificial intelligence (AI) is one of the hottest topics in the business world today and, indeed, in the world at large. It is the subject of intense debate given its potential to transform society, with the optimistic crowd seeing AI as a force for good while the pessimists preach doom and gloom. The insurance industry is affected in a wide variety of ways, and every line of business faces unique opportunities and threats.
This white paper, based on SMA surveys, interviews, and insights from insurer engagements, will explore both the promise and the pragmatic approaches being taken by P&C insurers today regarding AI. A special focus will be placed on the integration of various AI capabilities with today’s operational systems to augment and enhance their value. This study aims to answer these questions:
• How are insurers planning to use specific types of AI solutions, for example, robotic process automation (RPA), chatbots, machine learning, etc.?
• What are key potential use cases and actual use cases for key lines of business and business areas?
• What are the implications of AI for the existing systems of underwriting, policy servicing, billing, claims, CRM, and other mission-critical areas?
• What approaches are insurers taking to build skills and organizational capabilities in AI?
• What are the differentiation opportunities for insurers?