The use of models built thanks to the extensive use of data – and which in turn allow for the analysis and exploitation of enormous amounts of information – today allows companies to access a wide range of benefits , from greater operational efficiency to better care for customer relations.
In this regard, one of the sectors in which the exploitation of AI and data offers the most interesting prospects is insurance.
Insurance companies can already benefit today, thanks to the use of list of japan cell phone numbers data and the support of artificial intelligence, from better decision making; from a reduction of errors and biases; from an efficiency of processes.
This is provided that the company's technological development keeps pace with (or exceeds) the evolution of the market , and that therefore the necessary technological tools are integrated and used in a correct and functional way.
In this in-depth analysis, we analyze, specifically, the relationship between AI and data with the insurance sector, considering what benefits and prospects it offers and how to exploit technology to best seize market opportunities.
Benefits of Leveraging Data and AI in Insurance
According to an analysis conducted by Moody’s on a sample of over 500+ companies in the risk & compliance area, 14% of companies in the insurance sector have already adopted or are testing AI solutions.
14 % of companies in the insurance sector have already adopted or are testing AI solutions.
The most significant data, however, is offered by the percentage of companies in the sector that are considering introducing artificial intelligence into their processes – a number equal to more than one in two companies and, specifically, 55%.
55 % of companies in the sector are considering introducing artificial intelligence into their processes.
This is a fact that highlights the interest in these technologies and sheds light on a possible ( and realistic ) future in which artificial intelligence will dominate insurance processes.
The industry's confidence in AI is confirmed by the impact that respondents expect its introduction to have on their companies : 85 % expect at least a moderate impact; 36% expect a significant change; 17% even expect a transformative impact.
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At the basis of this broad trust and ever-increasing diffusion certainly lies a greater awareness on the subject, but also and above all the potential benefits of this technology.
Let's see what are the main advantages that integrating AI solutions can bring to insurance :
Personalization of the experience
Access to AI solutions and data can help deliver a personalized , customer-centric experience.
1. KNOW THE TARGET
Knowing your target is in fact the first step to be able to create tailor-made solutions, products and interactions that adequately and effectively respond to their needs.
In this sense, artificial intelligence allows you to easily manage, filter and analyze data, which can then be used to personalize the customer journey throughout their relationship with the insurance company .
