Insurance industry leaders are convinced artificial intelligence(AI) will "revolutionize the customer experience and empoweragents, brokers and employees," according to the Technology Vision for Insurance 2017 study fromAccenture.

"Our research shows that insurers are investing in AItechnologies to, among other things, improve customer interactionsbased on written and spoken interactions, gestures, interactivetouch displays and hybrid mixed-reality platforms that merge thevirtual and the real world, with each customer exchange becomingincreasingly personalized," said John Cusano, senior managingdirector and global head of the Accenture Insurancepractice. Accenture is an international managementconsulting and business services firm based in Dublin, Ireland.

Related: 3 reasons startup entrepreneurs loveInsurTech

Insurance executives see AI as the solution to providing abetter customer experience by enhancing sales and services, claimsprocessing and underwriting.

The new report, entitled "Technology for thePeople," also concluded:

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      • Three-quarters (75 percent) of insurance executives believethat AI will either significantly alter or completely transform theoverall insurance industry in the next three years.
      • One-third (32 percent) believe that their own company will be"completely transformed" by AI within that timeframe.
      • An additional 39 percent believe that AI will "significantlychange" their company.

The study is rooted in research conducted with Accenture'sTechnology Vision External Advisory Board. That group is made up ofmore than two dozen public and private sector professionals.Researchers also interviewed InsurTech experts and business leaders.

Despite the sunny predictions, insurers also are vexed by suchinnovation challenges as data quality control,privacy concerns and infrastructure compatibility. 

 "As the technology evolves, insurers will need to notonly address data quality and privacy concerns, but also revamptheir IT architectures to support AI's features and technicaldependencies," Cusano said. "Insurers that focus on empoweringpeople with a human-AI experience and intelligently integrating AIinto their company will benefit from a powerful combination thatdrives deeper customer engagement, stronger brand loyalty andmore-sustainable profits."

See also:

Keeping the human touch as AI takes hold ininsurance

5 top insurance tech trends for2017

Insurance 2017: Priorities for innovation,automation and transformation