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Finansliv, Sweden: Nordics Head of Cognizant Business Consulting Says the Insurance Industry can Gain Significant Advantage From Artificial Intelligence

“Developments in AI (artificial intelligence) are happening extremely quickly,” says Mats Johard. “It is expected that in just a few years we will have gone from AI-supported systems that do things, to systems that learn, to systems that think and even improve over time. This is in fact especially true in the insurance industry, where several companies have already implemented AI systems to improve their businesses.” Excerpts:

“AI has advanced incredibly quickly in recent times and although there are still some challenges connected to the widespread implementation of driverless vehicles, several manufacturers already market cars that can drive unassisted for short periods of time. Others are said to soon have models in production that will not even require a physical person to be present.

AI technology enhances customer experience, mitigates risk, and reduces operational costs.

What should insurance companies focus on to start taking advantage of the opportunities AI offers? Firstly, focus on building systems that help existing employees do a better job, or help them do their jobs more efficiently and with less risk. Secondly, it is about developing systems that are even more autonomous, and that can do more advanced work such as creating insurance agreements and estimates.

AI technology can be used in a number of different insurance areas for a number of different reasons. It can, for example, increase sales, identify new income opportunities, and offer inspiration for new products and services that can be scaled up.

However, there are still a number of challenges for those insurance companies wanting to start exploring AI. It takes time to build a solid platform and the quality of a system is of course dependent on the information that is being used. Therefore, it is important to really ensure that insurers have the correct information and a partner who is very competent in setting up and training the system.

The insurance industry in particular is able to take significant advantage from AI. In just a few years, AI will be the most important difference between those insurance companies who are very successful and those who are lagging behind.

It will be important to partner with experts to identify new technologies, methods, tools and platforms and that can help build and maintain the most effective systems at a reasonable cost.”

Click here to read the article in Swedish.

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