AI is Helping the Heart and Soul of Insurance Companies
Much is being been written about the impact artificial intelligence (AI) will have on the insurance industry. For example, according to an Accenture survey, 63 percent of insurers believe intelligent technologies will completely transform their business. While a report by McKinsey discusses “The impact of AI on future of insurance.” These are just two of the myriad reports, articles and think pieces addressing the intersection of AI and the insurance industry.
And yet, despite all the hype of emerging technologies, the heart and soul of an insurance company is still, and will remain, its core transactional systems. Without policy, claims, or billing solutions insurers would not be able to function. At the same time, technology solutions that can help simplify and automate many routine insurance tasks, while empowering business users to make better informed decision on more complex policies or claims have the potential to make a huge impact on the industry. To me, it seems that this is where AI has a key role to play. Adding intelligence, via quick to deploy SaaS applications, to existing core systems is one of the best ways to realize the immediate benefit of AI and hasten change in the industry.
That’s why I am very excited about the recent news that Shift Technology is partnering with Guidewire. By integrating our AI-native SaaS based solutions with Guidewire technologies we can, together, help insurers transform the industry with minimum disruption.