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Artificial Intelligence in insurance and its impact in the UK
Artificial Intelligence in insurance and its impact in the UK
A research study by McKinsey has found that Artificial Intelligence could become a significant driver for both GDP growth and productivity for the UK economy. A boost of around 20% by 2030 is what is anticipated. AI and ML capabilities and technologies are pushing the envelope on what machines and automation are capable of and how they can transform businesses, including insurance.
Big data & data analytics have the power to revolutionise the insurance industry. Improving the systems, automating processes end-to-end and providing insights to insurers helping them offer better products to customers thereby ensuring high levels of customer experience is now possible with Artificial Intelligence.
The three major areas where we see Artificial Intelligence benefitting the insurers & having the highest impact are:
Underwriting, claims management and fraud detection
Behaviour-based insurance
Customer experience
According to a report, the top reason why customers across the UK use the existing
portal is to
obtain a quote [49%] on insurance policies, while renewal of policy [47%]
stood at a close 2nd spot.
New entrants to the insurance marketplace are all set to embrace technology and launch their value propositions based on better understanding and consumer insights. They offer personalised products and services that fit right into the lives of the tech-savvy customers.
Neutrinos offers inbuilt capabilities for the adoption of emerging and futuristic technologies such as IoT, AI, ML, and more.
Read our eBook “Artificial Intelligence in insurance and its impact in the UK” to know more!
