April 2018 Published in Forbes
Businesses and organisations can no longer ignore the disruptive force that is artificial intelligence (AI). Multi-national corporations and tech firms have been quick to embrace AI toolsets as a means of improving their operational efficiency and delivering services tailored to their clientele.
However, for non-tech companies, there still exists a slight degree of hesitation and inexperience when it comes to understanding what AI can practically do for them. This is particularly true when we consider the insurance sector.
Admittedly, the adoption of AI within the insurance sector has been slow. This is a product of two factors – heavy regulation and the sheer size of the market. Nevertheless, having undertaken in-depth research into the different ways AI is shaping different industries, it has become apparent to us here at Fountech that InsurTech (or, insurance technology) is gaining significant momentum.
Why insurance? Simply, insurance is an industry built around the management of risk, informed by the processing of vast quantities of data.By embracing new toolsets that automate repetitive tasks, AI ensures organisations can be much more efficient in the allocation and deployment of available resources.
The stats here speak for themselves; according to Accenture, 84% of insurers in the UK and Ireland think AI will either significantly change or completely transform the industry over the next three years.
At Fountech, we’re keen to drive this change and show as many insurance companies as we can how they can leverage the power of AI.
Enter the insurance whitepaper
Following the success of our inaugural legal whitepaper, which has prompted a large number of enquiries from legal professionals, we’re pleased to announce the launch of Fountech’s brand-new whitepaper – Artificial Intelligence in the Insurance Domain.
Our new whitepaper explores just how AI is disrupting the insurance industry, including its role in fraud detection, customer engagement, claims management and document management. Importantly, the paper delves into the practicalities of how insurers should go about leveraging AI and implementing it into their organisations, the benefits on offer, and how Fountech can help.
If you want to find out how AI is transforming the insurance industry, be sure to download your own personal copy of the whitepaper here.