80 per cent of those surveyed believe that the use of AI at insurance companies is only just in its infancy. An even larger number (93 per cent) indicated that insurance companies are fairly well to poorly positioned compared to other industries. Even though insurance companies already meet the key requirement for use of artificial intelligence, that is, they have sufficient amounts of data available to them, work still remains in order for them to catch up. Use your data!
More than half of the managers surveyed from the industry view AI as the main challenge over the next three years. It is considered even more important than cost pressures and price competition. However, the decision-makers are also keeping an eye on the competition when it comes to their use of AI: 90 per cent say that timely investments in AI deliver real benefits to insurance companies.
However, how do customers feel about AI and AI applications? We asked decision-makers and customers from the insurance industry for their opinion.
Over 50 per cent of customers believe that they will benefit from AI in future. But where and how should insurance companies get started? Our AI report provides you with initial insights.