There’s a gap between awareness of artificial intelligence (AI) and application.
According to McKinsey research, only about 20% of companies that are aware of AI are using AI at scale or in a core business process. And according to a 2019 MIT Sloan Management Review study, a mere 7% of surveyed organizations have applied machine learning (ML) and AI in decision making or production workflows.
Insurance companies, most just starting their AI journeys, are likely to fall into this awareness and application gap. Though insurance companies have used data-intensive workflows for decades, many still aren’t using AI to its fullest—or at all.
Earlier this year, we hosted a panel of experts to discuss AI in Insurance as part of our AI Summit. During the session, guest experts from Forrester Research, Cognizant, and Mercer shared insights and experiences from their work in the insurance industry.
This article will break down the session into a few key ideas, but for the full experience, head on over to the AI in Insurance session page.
Here, we’ll focus on trends in AI and a three-step process insurance companies can use to get started with AI.