Artificial Intelligence and Machine Learning have gained somewhat of a reputation as a silver bullet for the insurance industry. This is mainly due to its capability of automating and delivering greater levels of intelligence to specific insurance and business processes. What’s more, with the help of AI, insurance companies can improve the overall efficiency of their operations.

Insurance companies adopting AI to improve their market standing gain competitive advantage as a whole. However, this was not always the case. The insurance industry has for a long time now been held back by its reluctance to innovate and adapt due to barriers of regulation, lengthy processes and product complexity. This could all soon change. Insurers are looking towards AI in a bid to provide faster, better, and more efficient services to their customers.

This also coincides with the rise of Insurtech, the use of technology innovation in insurance. This means that insurance companies are now looking to move away from the traditional legacy-based modus operandi and adapting to an evolving marketplace. A marketplace where AI such as Intelligent Automation (IA) is infiltrating systems and transforming business processes.

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