Insurance rely on AI: The revolution of the industry is here!
Insurance rely on AI: The revolution of the industry is here!
The insurance industry in the USA is currently ongoing and increasingly relies on generative artificial intelligence (AI). According to a report by oe24 , the use of KI has almost doubled compared to the previous year. A study by the investment company Conning shows that 55 percent of US insurers surveyed have already used generative AI or have extensively implemented. It is noteworthy that 90 percent of the companies are currently in a phase of AI implementation.
Manu Mazumdar, the head of data analysis at Conning and author of the study, describes generative AI as the currently most discussed technology in the sector. This illustrates the importance of technological progress for the further development of the industry.
technological developments and opportunities
The implementation of AI technologies is decisively changing the way of working and options for insurance companies. This is particularly evident in a comprehensive study by KPMG clearly, the interviews with AI-Expert: inside and a survey: inside: inside Markets included. The technology -based innovations enable a proactive reduction in risks, dynamic price optimization and a personalized customer communication around the clock.
KI already has an impact on the entire value chain in the insurance industry, including product development, damage regulation, fraud recognition and pricing. With growing trust in the technology, insurance companies face the challenge of effectively integrating these systems.
expected trends for 2024
The developments will not let up in the future. The website Insurance Bote describes five essential trends in 2024 in 2024 should:
- Advanced dark processing and fully automated damage settlement: damage reports are automatically recorded and processed, which increases efficiency in damage processing.
- Innovative fraud detection and simulation: Through the use of sophisticated AI systems, patterns and anomalies can be recognized in damage reports, which improves the fight against fraud.
- ubiquitous digital assistants: The use of AI-controlled digital helpers facilitates interaction for both end customers and for employees and field service.
- Digital advisory services: The development of new digital tools enables personalized advice without giving up the traditional methods.
- Personalization in communication and offers: KI is used to develop tailor -made campaigns and dynamic insurance products that are tailored to the specific needs of customers. In summary, it can be said that artificial intelligence will transform the insurance industry sustainably. The rapid development and implementation of these technologies offers innovative solutions for current and future challenges. It remains to be seen how the industry will develop in the coming years.
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