AI set to transform insurance industry, but integration challenges remain

Vantage point: Insights from cutting-edge research

Insurance executives believe that artificial intelligence (AI) will significantly transform their industry in the next three years, with insurers investing in AI to empower agents, brokers and employees to enhance the customer experience with automated personalised services, faster claims handling and individual risk-based underwriting processes, according to Accenture's Technology Vision for Insurance 2017.

At the same time, however, the report found that insurers face challenges integrating AI into their existing technology, citing issues such as data quality, privacy and infrastructure compatibility. Titled “Technology for People”, the report is based on the insights of a technology advisory board, interviews with industry technologists