Although an often-overused term, there can be no doubt that insurance is facing significant disruption. Data is more abundant than ever, yet in many cases is unstructured, disparate and, well, very big. Customers now demand seamless, omnichannel and personalized service and with a shortage of technical expertise hitting every industry, leveraging the availability of data and the potential of technology is proving difficult.
What’s more, as first-movers begin to reap the rewards of integrating advanced technologies, time is increasingly running short. As Accenture’s Future Workforce Survey recently found, insurance companies that commit to AI to the same extent as “top-performing businesses could boost their revenue by an average 17 percent” by 2022. It is therefore incumbent on those who have not acted to do so now, or face irrelevancy.
Despite this upheaval, opportunities are arising as carriers learn how to leverage these changes in their environment. Insurance Nexus spoke to three insurance data experts, Paul Travers (SVP of Finance Technology, Data and Process, MetLife), Andrew Pelcin (VP, Claims Data Analytics Implementation, Chubb) and Amish Amin (Director Claims Data Analytics, Nationwide), for their perspectives on how carriers can leverage AI, machine learning and chatbots to improve profitability, turbocharge customer experience, and make the most of the explosion in data and computing power.
This whitepaper was created in association with Insurance Nexus’ sixth annual Insurance AI and Analytics USA Summit, taking place May 2-3 2019 at the Renaissance Chicago Downtown Hotel, Chicago USA. Expecting over 450 senior attendees from across analytics and business leadership teams, the event will explore how insurance carriers can harness AI and advanced analytics to meet increasing customer demands, optimize operations and improve profitability. For more information, please visit the website: https://events.insurancenexus.com/analyticsusa/