Coforge’ Carlos Somohano discusses the key benefits AI is bringing to the Insurance sector with Insurance Business UK
Big data has the power to revolutionise any industry and it is certainly changing the world of insurance; improving processes and offerings for providers and making it more accessible, accurate and affordable for consumers.
Brokers and insurers are having to quickly adapt to an evolving marketplace where technology and data proliferation are radically transforming back end operations and customer facing tasks. The idea of open data, where anyone can access, use and share certain information is increasingly embraced by governments, industry bodies and businesses, revolutionising the way markets operate. This data, combined and analysed by computer algorithms, can provide unique insights and opportunities for insurance companies.
There are three main areas where we see artificial intelligence having the greatest effect and benefit for insurers. These are in personalised insurance offers and policies, in underwriting and claims management, and in customer experience.
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