The pandemic push towards digitization
Traditionally cautious of change, the insurance sector is undergoing a rapid transformation as businesses embrace AI technologies. It’s a shift that’s been partly encouraged by the COVID-19 pandemic, which placed a greater dependence on digital technology and remote working across many service industries.
In fact, in the US, many state insurance supervisors encouraged and even demanded digital service delivery. For example, an emergency order issued by the Insurance Commissioner of West Virginia mandated insurers to use digital technologies for claim adjustments.
By collecting evidence remotely without dispatching insurance personnel to appraise damage, not only could insurers protect people from infection, they could also reduce mileage and indirectly reduce pollution and greenhouse gasses.
It’s an example of how AI transformation and digitization are indirectly supporting and driving more sustainable business practices.
Transforming business intelligence
Today’s applied AI tools can give senior leaders a level of strategic visibility and analytical insight previously thought impossible. In the world of auto insurance, new advantages are seized every day that use the potential of AI to rapidly and radically transform the way companies work and operate.
And not only is AI expediting claims processes and improving customer experiences, it is also indirectly reducing pollution and greenhouse gasses — revealing unique and important opportunities for many organizations.
By leveraging applied AI solutions, businesses can identify pivotal opportunities to increase their efficiency at a granular level. A company’s own data, combined with modern applied AI solutions, can help uncover new strategic initiatives and accelerated workflows.
Firms can also foster greater productivity by freeing up staff talent from tedious workloads. In particular, software solutions can allow employees to add value in other areas of business, like customer service and strategic innovation, to create a more resilient organization.
Applied AI tools can help firms revolutionize their operations and customer service, allowing them to adapt to today’s discerning consumer and shifting market.
What’s more, AI’s flexible learning capabilities allow the technology to quickly evolve, taking on new tasks, providing organizations with increased strategic agility, long-term value, new insights and opportunities.
And as we’ve seen, the same applied AI tools also have broad applications within the sustainability effort, helping the fight against climate change and extending their value beyond commercial benefits.