The insurance industry is not immune to the rise of artificial intelligence and machine learning. Insurance AI has seen more trends like deep learning and connectivity through existing devices than in any other AI field.
With experts like Sai Nitisha Tadiboina in their corner, adjusting to AI shouldn’t be a problem for insurers. Try the following strategies for size.
Compared to previous technologies, the shift toward insurance AI is something your in-house or outsourced IT department can understand, at least not to the level of a dedicated expert in artificial intelligence.
For instance, consider your claims pipeline. Automation can reduce the claims journey costs by 30%, and that’s not the only place it reduces costs. There is enough to fill an entire blog and then some!
Board members and upper management may fare better investing in the research and development of new AI technologies in their arena. They can cover all bases by exploring hypothesis-based scenarios to know how to address real-world problems with AI should they occur.
Your AI development plan must account for operations, talent recruitment, and tech investment. It must be amenable to change because AI is constantly in flux. Your senior management should approach these aspects strategically.
For instance, if your competition invests in partnerships with academic institutions researching InsurTech, you could invest in the construction of in-house InsurTech; it would give you an edge over the outsourced capabilities of your business rivals.
Returning to the planning aspect, you could schedule milestones and goals, making the entire thing time-sensitive. It would motivate you to invest in more innovative AI technologies and change when significant changes occur in insurance AI.
The surge of AI in InsurTech means everything from the micro to the macro level needs to change. The latter includes the following:
Rethink your AI strategy by assessing how it will affect the lives of the people you serve. Look for new opportunities in the changing technology. Self-driving cars, IoT devices, and 3D printing technologies present unique insurance challenges. Create a niche while you still can with the help of insurance AI.
Book a session with Sai Nitisha Tadiboina if you need help getting started. A Dot Net Developer at GEICO, the software engineer has a long history of researching and developing artificial intelligence and machine learning in the healthcare and insurance industries.
Now also a featured expert at Criya (YC W22), you may contact her via this platform.