From mystery to mastery
Unlocking the business value of Artificial Intelligence in the insurance industry
Artificial intelligence (AI) stands to disrupt industries on fundamental levels – from business model to value chain. However, few other industries rely on AI’s foundation – data – the same way as the insurance industry, making AI mastery a key competitive differentiator in the digital future. To leap from AI mystery to mastery, practitioners need to bridge the gap between the technology’s inner workings and its core business value proposition.
There is a huge opportunity for the Irish industry market to innovate and embrace new technologies to drive down costs and build a competitive edge. Over the last year there has been increasing interest in the potential of AI and robotics as a force for disruption, growth and cost reduction. The insurance industry faces a choice: exploit AI to disrupt existing business practices or face disruption from non-traditional competitors.
This report was produced to help the insurance industry across the globe and in Ireland frame the AI value landscape and guide practitioners from pinpointing the most relevant use cases to optimise existing operations and customer interactions to discovering new products and services. Our other recently launched report “The Robots are Ready. Are You?” has clearly demonstrated that awareness of robotics in Ireland is high. Continuous improvement and automation are top of the strategic agenda for many business leaders and they are convinced that robotics will eventually support a sizeable portion of their activities.