Insurance companies must adopt technology or get left behind

Published: December 31, 2017

Updated: July 24, 2018

Author: Luke Jones

CATEGORY:

Share:

Insurers are being constantly told to embrace new technology, with robotics, AI, machine learning, and cognitive intelligence all predicted to transform the industry. Some insurers and brokers are already exploring the power these new technologies.

However, it will be the companies who embrace these techs the most and dive deeper into them will be the ones to come out on top. The industry is going through an evolution and the companies that lag behind will be left behind.

Deloitte’s “2018 Insurance Industry Outlook”, suggested artificial intelligence (AI) and robotics will increase over the coming years. Insurance spending on AI and cognitive intelligence (CI) will increase 48% over the five years, with spending coming to $1.4 billion by 2021.

Insurance companies face pressure to get on board with growing technologies now. Customers and employees expect it and the industry will be moving in that direction. Speaking to Insurance Business, Rob Kaye, a principal at Deloitte Consulting said companies must learn how to scale towards technology.

“The real challenge now is how to scale effectively – a challenge that goes far beyond simply picking the right technology and processes. At its root is understanding how a digital workforce will work hand-in-hand with its human counterparts.”