Rooted in a rich legacy of safeguarding people’s wellbeing, the insurance sector has long been plagued by archaic systems, tracing back to paper-based operations that persist even today in some corners. Cumbersome processes involving paper contracts, correspondence, and manual claims handling have resulted in layers of bureaucracy and inefficiencies that have marred customer relationships.
While other industries swiftly embraced digitalization, insurance lagged behind. The industry first adopted desktop software and proprietary servers, and now for a large part online cloud-based platforms. These advancements undoubtedly made insurance better for everyone.
Now that we have digitized data and digital user interfaces we can move to the augmented era in insurance – right when the world stands at the cusp of a momentous shift as artificial intelligence (AI) takes center stage. This revolution presents exciting opportunities for our industry for massive efficiencies while significantly enhancing employees capabilities by augmenting AI with human intelligence to supercharge cognitive performance.
AI can automate tedious tasks leaving individuals to focus on honing their skills and creativity, thereby generating greater value. This symbiotic relationship benefits both individuals and businesses, fostering growth and innovation.
Today, AI heralds an entirely new chapter, marking a paradigm shift. We find ourselves on the brink of an era where progress made in the past decade will be achieved in half the time with double the output. For the first time in human history, Moore’s Law, a principle of exponential technological growth, applies to a scale unseen before.
AI offers invaluable insights into the vast streams of information flowing through our systems. These advancements in deep learning, from supervised to unsupervised learning and the emergence of Generative AI, provide vast reservoirs of structured knowledge in easy to access user interfaces, effectively presenting each user with an executive-level specialized assistant. This groundbreaking technology has the potential to amplify insurance efficiency by a staggering factor.
AI will assist insurers in analyzing documents, streamlining the customer underwriting process and reducing the burden of administrative tasks, allowing brokers to focus on providing the highest level of service to their valued customers.
Renowned visionary Ray Kurzweil predicted this evolution, where AI augments human capabilities to radically enhance and accelerate innovation. The dawn of this revolutionary advancement is now upon us, set to unfold at a pace even swifter than its predecessors.
Insurers adopting these new technologies fast will gain market share, because it will unfold just like Richard Baldwin said: “AI won’t take your job […] It’s somebody using AI that will take your job.”
Welcome to the augmented world, where AI amplifies human potential and creates an even better insurance experience for all of us!
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