Over the past few years, insurers have lagged other sectors in implementing AI, leaving a gap for more tech-savvy firms to swoop in and disrupt the space: This year, US-based insurtech Lemonade—which uses AI to provide quotes, handle claims, and answer customer questions—became the first insurtech to top the home insurance customer satisfaction ranking in J.D. Power's annual US Home Insurance Study.
Meanwhile, consumers are twice as likely to buy insurance from big tech firms as they were four years ago, reshaping the value chain away from incumbents. If this wasn't enough of a wake-up call, the pandemic has pushed customers to increasingly use digital channels, putting further pressure on insurers to improve their AI-powered services.
Machine Learning is by far the most commonly referenced technology by insurers when talking about their use of AI. It focuses on the development of computer programs that can learn from the data they have access to, identify patterns, and make faster decisions than...
 | Report Preview  * This chart and data were pulled from The AI in Insurance Report by Insider Intelligence. Purchase the report below for $995 for immediate access. | | | Over the past few years, insurers have lagged other sectors in implementing AI, leaving a gap for more tech-savvy firms to swoop in and disrupt the space: This year, US-based insurtech Lemonade—which uses AI to provide quotes, handle claims, and answer customer questions—became the first insurtech to top the home insurance customer satisfaction ranking in J.D. Power's annual US Home Insurance Study.
Meanwhile, consumers are twice as likely to buy insurance from big tech firms as they were four years ago, reshaping the value chain away from incumbents. If this wasn't enough of a wake-up call, the pandemic has pushed customers to increasingly use digital channels, putting further pressure on insurers to improve their AI-powered services.
Machine Learning is by far the most commonly referenced technology by insurers when talking about their use of AI. It focuses on the development of computer programs that can learn from the data they have access to, identify patterns, and make faster decisions than... | | | Other Related Reports |  Global insurers have been rocked by large, unexpected payouts and falling revenues amid the coronavirus pandemic... ACCESS FULL REPORT |  Usage-based insurance (UBI) is poised to overhaul the insurance industry, as it enables insurers to personalize policies, and allows them to... ACCESS FULL REPORT | | |  To learn more about Insider Intelligence and our Financial Services coverage, click below and fill out the form, and a member of our team will be in touch with you. | | | | |
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