Instant Insights / The insurance industry in 2020

The risks, trends and insights to keep top-of-mind in the new year.


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Our professional community should think of AI as a set of exciting tools (not a source of competition) to learn about, use and improve business processes. The insurance industry should think of AI as a set of exciting tools to learn about, use and improve business processes. (Photo: Shutterstock)

Artificial intelligence (AI) is changing the world. From game shows — where IBM Watson wins at Jeopardy — to medical advances and business decisions, the implications are staggering. Due to the highly quantifiable nature of insurance company operations, AI will have a transformative impact. While claims handling has traditionally taken a back seat in technology advancements compared to other insurance functions like actuarial, marketing and underwriting, this is starting to change.

Imagine the following scenario: A category 4 hurricane hits Florida, damaging or destroying property throughout the state. With so many claims to handle, how do overwhelmed adjusters scrutinize all the data to evaluate the claims and make accurate assessments?  Sure, many of them have years of experience and rely on skills or instincts, but is this enough?  

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