owl.co’s Post

According to Insurity's 2024 AI in Insurance Report, there's a clear divide in consumer sentiment regarding AI's role in P&C insurance. The report highlights that fraud detection is the leading service where consumers see the most value in leveraging #AI, with 35% of the vote. Additionally, 32% of consumers appreciate AI for creating personalized products and promotions, and 24% see its benefit in enhancing customer service. However, not all AI applications are trusted by consumers yet. There are specific services where consumers are currently hesitant to see AI play a role. To discover which two services have consumers wary about AI involvement, please read the full announcement here: https://lnkd.in/d7dMP9Hj #insurance #innovation #insurity

Surprising to know that insurance companies, usually slow to adapt are embracing AI quickly. AI is being used more and more to "enhance the abilities of the adjuster of claims" according to the article. It can help prioritize which claims need the most urgent attention. Maybe it can solve this hard market we are in!!

As part of our new AI explAIned series, we delve into the use of artificial intelligence in the insurance sector. Partners Carolyn Rosenberg and Anthony Crawford discuss how AI in insurance offers a double-edged sword: While it can streamline claims processing and reduce fraud, it also raises concerns about bias, which may increase cases alleging unfair denials. 📽️ Watch it now at https://bit.ly/3RWn03A #AIExplained #ArtificialIntelligence #Insurance

Here’s another way our thought leaders can add value to your business. Happy to introduce you to my colleagues who discuss the use of AI in the insurance sector in another episode of AI explAIned.

As our AI explAIned series continues, check out our latest episode on the use of AI in the insurance sector. #AIExplained #ArtificialIntelligence #Insurance https://lnkd.in/ehnbi_Vq

As our AI explAIned series continues, check out our latest episode on the use of AI in the insurance sector. #AIExplained #ArtificialIntelligence #Insurance https://lnkd.in/ehnbi_Vq

"In 2022, over one-quarter of policyholders switched providers." Why? Because they wanted a faster claims process. I came across this statistic in an interesting article from PropertyCasualty360. As many of us are aware, insurance claims processing has traditionally been a time-consuming endeavour, marked by meticulous assessment and analysis, often leading to delays and frustration for both insurers and policyholders. In PropertyCasualty360’s article, they highlight how recent advancements in AI have played a pivotal role in automating numerous manual steps associated with insurance claims, particularly those classified as low-touch claims. They go on to share the advantages and the challenges of this… “One of the main challenges is the need to accurately estimate repair costs without a physical inspection. There is also the risk of fraud, as it may be easier for policyholders to fabricate or exaggerate damages without face-to-face interaction with a claims adjuster.” This article is a thought-provoking exploration of both sides of the coin and serves as a reminder of why I launched my voluntary Code of Conduct for the use of AI within the claims sector. I firmly believe that the deployment of AI in the claims and supply chain sectors represents a monumental innovation, one that promises to yield benefits for decades to come. However, it's crucial that AI is applied with the right intentions. I’ve said it from the start and I’ll say it again - AI is the best thing since sliced bread but when we slice the bread we need to do it in the right way and for the right reasons. 🍞 Read the full article here: https://lnkd.in/e2VDMsi6 #Insurance #AI #ClaimsProcessing #PropertyCasualty360 #Policyholders #ArtificialIntelligence #CodeOfConduct #Innovation #FraudDetection #LowTouchClaims #AIInnovation

Is AI the key to unlocking a better insurance experience? 🤔 From enhancing customer experience to streamlining claims management and detecting fraud, the insurance industry is waking up to AI's potential. But what should insurers watch out for? Our eBook shares insights from our experts on:  • Impactful AI use cases in insurance  • Best practices for implementing AI successfully • Overcoming AI adoption challenges • How generative AI is making its mark Download your copy here: https://lnkd.in/e4XyT9b9 #AI #Insurance #FraudDetection #CustomerExperience #ClaimsProcessing #DigitalTransformation

Here is a recent thought piece on AI and the insurance sector.

Every insurer is talking about AI from a business first perspective. No one is talking about what policyholders think. So we got curious - we went out and spoke with individuals to hear what they think about their insurance companies using AI. When is it appropriate? When is it not? What sort of transparency do policyholders want and need? Download the report below. #ai #innovation #insurtech #insurance #corporateinnovation https://lnkd.in/dZMbZZXr