REGIONAL REVIEW
By leveraging AI technology , Asian insurance providers can better understand their customers ’ needs , develop innovative products that meet those needs and improve operational efficiency .
Sandeep Bhargava , SVP , Global Services and Solutions , Public Cloud Business Unit at Rackspace Technlology
prospects , who are more likely to accept those offers .
Another use case for AI is improved risk profiling , giving a more nuanced picture of potential policyholders . By being able to assess road users more accurately than before , insurers will be able to offer lower premiums for risk-averse drivers or charge higher premiums based on individual driving habits .
Finally , robotic process automation ( RPA ) can automate back-office operations across multiple processes like underwriting , claims processing and business analytics – allowing insurers to reap substantial efficiency gains over traditional manual processes involving multiple forms , extensive information gathering and processing of tasks .
Bracing for the future of insurance
AI is helping companies work faster and smarter by enabling predictive capabilities and automating decision processes to improve business outcomes . However , there ’ s always the lingering question of what is achievable – as well as business value – and what is just hype .
This is further complicated for the insurance industry , where it can be difficult to take risks when adopting new technologies . While business leaders know they must undertake crucial tasks such as strategic planning for deployment and developing a comprehensive data strategy – leveraging AI can still be daunting , especially when organisations may not possess the right talent or IT infrastructure . However , the competitiveness of the auto insurance market means that industry players can ’ t afford not to modernise .
With the help of established service providers , the growing pains of transformation can be overcome . With the support of providers that redefine data empowerment , organisations can ensure AI works in their favour – unlocking swift document classification and discovering the full breadth of workflow possibilities for increased efficiency and employee productivity . Providers can then leverage this expertise and tap into AI ’ s transformative potential . �
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