Analysis This research document is contextualization of Emerging Tech Impact Radar: Artificial Intelligence published in October 2022. The entirety of this work is applicable only for vendors offering solutions to insurance companies. The use of artificial intelligence (AI) continues to spread throughout the insurance industry, with many companies starting their AI journeys while others are growing their use of AI. In the short term, AI is helping insurers solve immediate problems around automation of manual tasks, supporting digital channel interactions and faster identification of claims fraud. Longer term, AI can help drive strategic transformation such as new product innovation, dynamic customer engagement and panoptic personalization. The Impact Radar The emerging technology impact radar is an analysis of the maturity, market momentum, and influence of emerging technologies and trends. This report evaluates 14 emerging AI technologies with significant near- and short-term impact to the insurance industry. Capture improvements in customer-service-related metrics as part of your advocacy program from early adopter insurers, to help support new business development with fast followers ■ Create persona-specific advanced virtual assistants (VAs) and decision intelligence that help augment the roles of underwriters, claims managers and customer service representatives, instead of more general enterprisewide VAs. ■ Look for areas where generative AI advancements improve and accelerate the accuracy and efficiency of existing AI deployments — such as real-time summarization of customer call issues or extracting data from complex policy documents — before turning to net new use cases. ■ Start by demonstrating the value that data fabric brings in optimizing existing insurance processes in underwriting, claims and actuarial functions, before expanding relationships with insurers to more transformational data fabric use cases, such as personalization and dynamic pricing. ■
In scrutinizing these 14 technologies, we have identified four overarching themes:
Gartner, Inc. | G00786204
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This research note is restricted to the personal use of abhishek.sharma@fractal.ai.
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