Most Insurers Believe AI will ‘Completely’ Change Insurance by 2020

  • Grace Noto
  • April 21, 2017
  • 0

The majority of insurance professionals believe that artificial intelligence will completely transform insurance by 2020.

According to the “Technology for the People” report released this week by Accenture, 75% of professionals surveyed (the report polled more than 500 insurance executives across the globe) believe that AI will have a significant impact on insurance.

While the technology will lead to transformations in underwriting processes, risk analysis, and claims — making AI appear to be one of the founding technological pillars of insurtech — nearly 80% of survey participants said that its integration will change the way they interact with and support their customers.

However, insurers are not sure the change will be brought about in their own firms, with only 32% agreeing with the statement that their company would be “completely transformed” by AI in the next three years.

Combined with the fact that the majority of insurers — 86%, according to the report — also noted a need to improve their firms simply to keep up with the competition (which might include certain insurtechs) — artificial intelligence seems ideally suited to solve several of the issues insurance has been struggling with for years now.

The full report may be found here.

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