From underwriting to claims processing, the insurance industry is on the cusp of a seismic shift. Traditional processes which rely on rules-based engines are being replaced by artificial intelligence and deep learning models – condensing weeks of work into a matter of days or even minutes.
For many insurance companies, the AI revolution is already well underway in claims processing and distribution – particularly around fraud detection. Accurately detecting fraud depends on being able to analyze huge quantities of data to spot anomalies. So, replacing multiple databases, pivot tables and spreadsheets with dynamic AI-based applications is an obvious place for insurers to start their AI journey.