Computerwoche, Germany: Cognizant’s Vice President and Head of Business Consulting for DACH Says the Insurance Industry can Achieve Significant Advantage by Using Artificial Intelligence

“In just a few years, artificial intelligence (AI) will be the most important difference between those insurance companies who are very successful and those who are lagging behind,” writes Michael Rundshagen. “Therefore, 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.” Excerpts:

“The purpose of digital transformation is not isolated to any one group or area of business; it is enterprise-wide. One digital technology that is currently transforming companies’ processes is AI.

While the full scope of AI is still being ironed out, industries across the world have been looking at ways in which it can transform their processes.

The technology is developing rapidly and in just a few years, it is expected we will have gone from AI-supported systems that do things, to systems that learn, systems that think, and even those that improve over time.

There are still a number of challenges for insurance companies wanting to start exploring AI. First of all, 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.

Secondly, public acceptance is also another consideration, especially given the negative press surrounding AI.

Thirdly, in less than two years, the EU’s General Data Protection Regulation will come into force. A company that has problems handling, for example, data theft or cannot erase all the information it holds about a specific customer, if necessary, could be heavily fined.

As a first step, it is crucial to establish an inventory of all the possible gains AI can produce, involving staff at an early stage.

The best results come through collaboration: bringing the right set of people in the organization together to innovate and implement the best solutions.”

Click here to read the article in German.