In a recent announcement, Swiss Re CorSo’s executive, Gonzalez, discussed how artificial intelligence (AI) could effectively address challenges in the insurance industry where previous InsurTech efforts have struggled.
Gonzalez suggests that AI holds the promise to refine processes that could lead to improved underwriting and better customer experiences. Unlike many InsurTech startups that have come and gone, AI offers established tools that could enhance efficiency and data management.
One major point Gonzalez emphasized is the importance of strong data management. Companies that fail to prioritize this aspect may find themselves at a disadvantage. He noted that firms lacking robust data capabilities risk losing market share to new entrants who can leverage AI effectively.
This shift towards AI-driven solutions may predominantly benefit traditional insurance companies willing to adapt. By investing in AI technology aimed at bolstering data analysis and decision-making, these companies can stay competitive in an evolving landscape. Additionally, the customer experience could improve as AI streamlines processes and identifies needs more accurately.
Overall, the message from Swiss Re CorSo is clear: adapting to AI could be critical for survival in the competitive commercial insurance sector. Companies that embrace this technology and refine their data management strategies may not only sustain their operations but also thrive.
Original Source: Insurance Insider