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The State of AI in Insurance 2020

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Today, the old insurance economy has completely migrated to a fully digitized marketplace. With AI technology as the prime enabler for growth and new profits, insurers are able to acquire younger demographics and fulfill their growing demand for flexibly-priced insurance products.

However, understanding what to automate and where to augment is still a challenge for insurers. 65% of the executives surveyed feel that people, expertise, and technical competency are among the most pressing challenges in the AI transformation of an organization. “The State of AI in Insurance” report underlines the core technological challenges and the insurance operations that are ripe enough to leverage the benefits of AI implementation from experts' perspectives.

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The Upcoming Breakthroughs in AI Implementation Strategies Data Strategy

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data strategy

96%of enterprises face challenges in structuring data that supports their AI strategy. Industry leaders are keen on securing the right data science teams in their organization and invest in obtaining the right amount of data needed to train and support algorithm development.

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Nearly 80% of the world’s data is not searchable and is owned by the companies themselves. Data silos may lead to slowing down AI in production and live services. Understanding that AI implementation requires time, patience, vision, and the need for overcoming silos will bring a positive impact on the insurance paradigm.

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Multiple distribution channels competing for the same customer is the cause of channel conflicts in insurance. Technologies like Conversational AI can assist in delivering a better omnichannel experience to customers by addressing the routine queries and resolutions.

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Predictive analytics technology has the potential to improve underwriting, risk appraisal, claims, pricing, and marketing, which directly impacts the profit margins. 73% of the insurance executives surveyed are interested in investing in Predictive analytics.

About the survey report: This brief POV aims at helping Insurance decision-makers address this critical question and potentially develop strategies around it. Mantra Labs surveyed 114 senior business managers & executives across the auto, home, life and health markets within the Indian Insurance Landscape — to gauge the future state of AI in 2020.

About Mantra Labs

Specializing in solving the real-world front and back-office operational challenges, Mantra Labs is AI-first Products and Solutions firm for InsurTechs and Insurance enterprises.

Mantra offers a range of innovative solutions to the Insurance value chain including Insurance-specific Chatbot, AI-powered Workflow Automation Solution, and Lead Conversion Administrator and has worked with some of the World’s leading Insurers like SBI General Insurance, Religare, DHFL Pramerica, Aditya Birla Health, and AIA Hong Kong.

In October 2019, Fintech Global recognized Mantra Labs as one of the top 100 innovative InsurTech companies in the world.

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The World’s Most innovative Tech Companies

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The State of AI in Insurance report explores the core challenges to AI transformation and the areas with ripe investment opportunities in 2020.

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