International InsurTech spells out the raison d'être of AI in insurance

AI's Role in Insurance: Insights from bolttech CEO

In a recent discussion, Philip Weiner, CEO of bolttech for the APAC region, highlighted the critical role of artificial intelligence (AI) in the insurance sector. While acknowledging AI's potential to greatly enhance customer service and operational efficiency, he cautioned against adopting AI merely for the sake of innovation.

Purpose Over Technology

Weiner emphasized that the use of AI should be driven by clear objectives rather than the desire to keep up with technological trends. He pointed out that insurers must carefully evaluate how AI can genuinely improve customer experience and streamline processes. Simply implementing AI without a defined purpose can lead to inefficiencies and customer dissatisfaction.

Key Takeaways for Insurers

• Focus on Customer Needs: Insurers should prioritize understanding what their customers require and how AI can meet those needs.
• Strategic Implementation: Any AI strategy should be aligned with a broader business strategy to ensure long-term success.
• Continuous Evaluation: Insurers must regularly assess the effectiveness of AI solutions to ensure they deliver meaningful improvements.

Who Will Be Affected?

These insights will resonate with insurance professionals looking to integrate AI into their practices responsibly. From underwriters to claims processors, all levels within the industry can benefit from a thoughtful approach to AI.

Ultimately, Weiner's perspective serves as a timely reminder that while technology can offer substantial advantages, its implementation should always revolve around delivering real value to customers and enhancing operational effectiveness.

Original Source: https://www.asiainsurancereview.com/News/View-NewsLetter-Article?id=92230&Type=AIRPlus