Artificial Intelligence: 3 benefits for the insurance industry | ResponseSource

As the insurance sector competes to win market share, Henry Jinman at EBI.AI discusses three ways companies can benefit from the power of Artificial Intelligence, as ResponseSource reports.

The UK general insurance market continues to be fiercely competitive. While the battle for repeat business keeps downward pressure on pricing, a constantly changing regulatory agenda increases costs. Whatever the industry, successful companies know that building a business based on price alone is not sustainable. Customer service is what matters most. It’s a sentiment that is reflected in the latest findings of multinational professional services company Ernst & Young (EY). It claims that non-life insurance companies in particular should “invest to create innovative and satisfying end-to-end customer experiences” with optimised technology that helps them become “data-driven and insight-enabled” in everything they do.” (i)
It's time to consider the benefits of Artificial Intelligence (AI). Through its ability to capture, analyse and learn from massive amounts of data, AI should be at the centre of every enterprise serious about creating amazing customer experiences...

Here are 3 ways AI can help the insurance industry in key areas:
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Source: ResponseSource