The insurance industry is often associated with complex processes such as claim settlement, hefty paperwork, tiring legal processes, and the responsibility to stay updated on the terms and conditions. This image is now changing as the leading insurance brands are putting forth innovative strategies to revamp the existing workflows and structures to amplify their business growth.
This paradigm shift is not limited to the big insurers only, in fact, a 2015 study conducted by IBM showed that 95% of insurance executives were intending to start or continue investing in AI capabilities in the future.
According to McKinsey, the insurance industry is expected to gain a staggering $1.1 trillion in value by implementing Artificial Intelligence. With AI, these companies are able to revitalize their customer care by automating the end-to-end resolution of over 80% of inbound queries, while significantly cutting down on operational costs in the process.