Artificial Intelligence is most often used in underwriting and risk profiling
The introduction of Artificial Intelligence into the insurance value chain has had the greatest positive impact on underwriting and risk profiling.
This conclusion was made by GlobalData analysts after conducting a survey of insurance and reinsurance experts specializing in Artificial Intelligence.
The UkrStrakhuvannya online resource knows that 45.8% of respondents named underwriting and risk profiling as the areas where AI has had the greatest positive impact. In second and third place are claims management (20.3%) and customer service (17.6%).
“The results show that insurers are expanding the use of AI throughout the value chain. While innovation in underwriting has slowed due to challenges related to regulation, data quality and objectivity of risk models, other areas, especially customer service, are gaining momentum,” commented GlobalData analyst Charlie Hutcherson.
Earlier in the GLobalData report, it was reported that consumers around the world unanimously recognize the benefits of using Artificial Intelligence (AI) tools in insurance, but are skeptical about their commercial implementation.