Artificial Intelligence Transforms The Industry: A Forrester Research Report by Gordon Barnett March 12, 2018 | Updated: May 3, 2018
The insurance industry continues to be affected by emerging technologies, particularly the set of artificial intelligence (AI) technologies. For example, AI-driven risk management solutions are being used to detect fraud and identify risk exposures. To be a trusted partner, enterprise architecture (EA) pros must have insight into these AI technologies and understand how they enable better digital experiences. This report provides EA pros with insight into those AI technologies the insurance sector is experimenting with or adopting.
The report provides a useful example of how one industry starts to embrace the technology of AI to manage customer experience and risk:
- AI Technologies enable Better outcomes Digital insurers have adopted AI technologies to improve risk management and deliver better business outcomes for their firms. For digital insurers, this means reducing fraud and managing risk exposure.
- eA Pros should Walk Before They Run As AI technologies mature, EA pros gain a better understanding of the benefits of AI. EA pros should experiment with individual AI technologies in customer experience (CX) or risk before creating AI-driven solutions that support a customer journey, value stream, or life cycle.
EA Pros In Insurance Look At AI Through A CX And Risk Lens
Insurance carriers and agents are investing heavily in new and emerging technologies as they transform into digital insurers. The investment focus of these firms is balanced between investing in customer engagement and investing in operational efficiency.
- AI usage in customer engagement will soon be pervasive in insurance firms.
- Insurance firms benefit most when fully understanding and managing risk exposure.
AI Advances Fraud Detection And Risk Management Capabilities: Advances in AI are beginning to affect fraud and risk management capabilities within insurance firms. Insurers are utilizing a raft of AI technologies and solutions, including: machine learning, deep learning, natural language generation (NLG), text analytics, advanced analytics, and facial and image to better enhance fraud prevention and identify risk exposure
In The future, AI-Driven Platforms Will optimize Digital Insurer operations. As AI technologies become more accepted and their benefits realized, digital insurers will look to integrate AI technologies to create insurance-driven solutions or platforms. Currently there are few success stories of AI-driven solutions or platforms. EA pros need to continuously review insurance platform adoptions to influence the platform strategy of their firms.
This report is available for individual purchase ($499 USD). Click here to order.