Key objectives & leading use cases for AI

According to Everest Group, the key business objectives and leading use cases for AI in the insurance industry fall into these three categories:

Customer experience (58%). Improving front-end customer experience remains the top priority and accounts for 58% of all the analyzed use cases. Insurers are trying to provide personalized and instant services to customers using chatbots and mobile applications. Leading use cases include validating insurance cases against business rules and using speech analytics solutions for sales and operational efficiency.
Process improvement (43%): AI is helping insurers optimize processes, both internally and externally. Claims management remains a priority for insurers, helping customers to fast-track their claims process and reduce the time taken for payments. Insurers also are using AI to improve efficiency in documentation and call center operations. Leading use cases include mobile applications and web portals to answer customer queries and give policyholders one-stop access to their documents.
Product innovation (19%): Leveraging AI for product innovation is in the nascent stage of development. Insurers are using IoT devices such as those for telematics, connected homes, and connected self to develop more usage-based insurance products for customers. Leading use cases include leveraging data from connected vehicles and using AI-powered wearable devices and mobile applications to help customers with personalized advice.

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