Insurance carriers must work to improve the entire onboarding experience, and artificial intelligence can be the answer, according to a new Aite Group report – and carriers that fail to explore ways to integrate AI into their underwriting processes will fall behind their competitors
Boston, MA (June 18, 2019) – Aite Group’s latest report, P&C Underwriting: Changing the Global Dynamics With AI, has found that P&C insurance carriers can no longer rely on outdated rating systems using bits and pieces of data and expect to compete in today’s insurance market, as vendors and carriers are starting to explore opportunities to increase efficiency and process data with artificial intelligence and machine learning. Applications for these technologies abound throughout the insurance value chain, but the impact on the underwriting process has the potential to change the risk dynamics for carriers.
“AI and ML impact the risk evaluation process from customer application to policy issuance, and those carriers not exploring ways to integrate AI into their underwriting processes will quickly fall behind their competitors,” explains Greg Donaldson, senior analyst at Aite Group.
AI impact on the application process (Aite Group)
This report will help executives from P&C insurance carriers evaluate the major AI trends affecting the underwriting process and profiles 14 vendors: Accenture, Betterview, Chisel.ai, EIS Group, Groundspeed Analytics, HyperScience, iMerit, Intellect SEEC, Planck Re, SAS Institute, Tessella, Tiger Analytics, Verisk, and Zesty.ai. It is based on 43 interviews conducted with AI and ML experts, C-level executives, innovation directors, and thought leaders at insurers, reinsurers, technology vendors, and consulting firms across North America, Europe, and the Asia-Pacific between February 2019 and May 2019.
Click here for the online report summary or to download the table of contents.
This 51-page Impact Report contains four figures and 18 tables. Clients of Aite Group’s P&C Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
This report mentions AMI Insurance, Argo Insurance, Avinew, Conifer Insurance, CSAA Insurance Group, Industrial Alliance Auto and Home Insurance Inc., Lemonade, Narragansett Bay Insurance Company, Sompo Japan Nipponkoa, and StarStone Insurance.
About Aite Group
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.
Source: Aite Group
Tags: Accenture, Aite Group, Argo Insurance, Artificial Intelligence (AI), Betterview, Chisel, EIS Group, Groundspeed, Industrial Alliance, Lemonade, Machine Learning (ML), SAS, Underwriting, Verisk, Zesty.ai
