AI will play a key role for insurers in 2023

AI is helping insurers handle the increased demand by eliminating the rote and manual work from their plates. With recommendations for autonomous claim payments and fraud avoidance, AI handles the high-volume low-value claims that are the frequent bottlenecks in claims processing. (Photo: Shapecharge/iStock)

Increasingly sophisticated schemes, inflation and a looming recession made 2022 a tough year for insurers — and we anticipate these challenges will only continue to shape the industry this year. However, future-focused insurers leveraging artificial intelligence (AI) solutions are adapting well in today’s changing environment.

With impactful options for fraud detection and claims automation to underwriting, AI is helping leading insurers maintain their share of customers and ensure profitability in this difficult business environment.