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Building a successful AI business case in insurance

Insurers are looking for ways to become more efficient, and 95% expect to accelerate their digital transformation efforts.

By Pamela Negosanti | July 06, 2021 at 05:00 AM
AI implementation Artificial intelligence can have a powerful impact on a carrier’s business and management must have a clear idea of what they want to accomplish with its implementation. (Photo: THANANIT/Adobe Stock)

The pandemic has not been kind to the insurance industry. This unexpected global disruption caught insurers off guard, with 87% of those responsible for insurance operations saying it exposed shortcomings in their organization’s digital capabilities, according to Deloitte’s 2021 Insurance Outlook. Additionally, the pandemic’s financial impact has been significant. Expectations are that, for 2020, global non-life premiums will have been flat, with a 1% decline in advanced markets.

But the long-term trends have been challenging, even without the pandemic. Investment yields have sharply declined while combined ratios have increased steadily over the past three years. Insurance leaders are eager to find ways to become more efficient, and, in response, 95% of insurance executives say they will accelerate their digital transformation efforts.

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