Next week, thousands of Insurance executives, IT professionals and solution vendors will gather at the annual InsureTech Connect Conference in Las Vegas. It amazes me how quickly this event has grown—from just a few hundred to over 7000 attendees in the past five years. However, it is just one more indication of the emphasis that insurance companies are putting on identifying new technologies to change their business. In particular, there is a palpable industry-wide focus on digital transformation. But is history simply repeating itself?
In the 15th century, the printing press revolutionized the publishing industry by dramatically reducing the cost to produce books. It educated generations by bringing literacy and knowledge to the masses. Similarly, today’s digital environment has created access to a new explosion of data. The challenge for every industry, and especially insurance companies, is how to take advantage of all this data. The answer is artificial intelligence (AI).
Insurers have long seen data as a source of competitive advantage. But having lots of data does not necessarily represent success. It is the insight derived from the data that matters and the key to unlocking those insights is AI. At its core, AI is about replicating, amplifying and improving upon the human decision-making process using technology by analyzing a variety of data sources. AI makes informed decisions using statistical algorithms with structured data like claims information and unstructured data like images and video.
The application of AI is diverse, impacting both back-office and front-office processes. This is why Shift Technology is excited to be the AI sponsor of the 2019 InsureTech Connect Conference. If you are attending the event, please stop by our booth (#604) for a demonstration of our AI-native Force and Luke solutions and to learn how they are empowering insurers to:
If you are unable to attend and want to know more about Shift Technology, please get in touch!
The printing press is probably one most under-rated but influential inventions ever. There is no doubt that the printing press made printing better and faster. AI is doing the same thing for the insurance industry by empowering users to make better and faster data-driven decisions. Carriers who embrace this technology will be the history makers.