According to a new survey by Accenture, about two-thirds of insurers already use artificial intelligence-based “virtual assistants,”. Of the executives who took part in the survey, 85 percent said they plan to invest “significantly” in AI in the next three years.
A combination of price pressure and ultra-low interest rates is forcing insurers to cut costs to preserve their profit margins. Introducing more automation is a key way of achieving this, while also fending off competition from FinTech startups that also offer insurance products.
“The real value of automation is to take care of routine tasks, freeing up employees to deal with more complex issues,” Cusano said. “While it’s going to change the way work is done at insurers and their agents, it’s debatable whether this will lead to a smaller workforce.”