AI Set to Transform the Insurance Industry in the Next 3 Years
For those of you who keep abreast of my blog postings and/or have seen me at recent speaking engagements, know that Artificial Intelligence (AI) is my hobby horse.
I am completely convinced that there is a huge amount of conjecturing taking place both written and verbally about AI ranging from robots replacing your partner (husband/wife) to intelligence software making everybody redundant. The most far-fetched article I have read regarding this, however, was on a man named Anthony Levandowski who recently filed paperwork to establish an official religion based on worshiping a digital God! I guess scaremongering makes for good click-bait and more nuanced, intellectual critique is considered less newsworthy.
I was therefore pleased and interested to read a greatly balanced article that looked at the likely uptake of AI in the insurance industry and the potential impact of this. Its merit lay in the fact that the authors recognised that AI was not going to signal the death knell for employees but would, however, undoubtedly change roles in the industry from top to bottom. The authors of the article also argued that AI would almost certainly be used to assist (human) employees’ decision making skills and improve existing antiquated processes.
I remain convinced that AI that simply cuts costs and that does not improve the customer experience will fail, primarily because consumers have too much choice and are far less loyal, resulting in their reluctance and unwillingness to stand for anything less than effective and efficient products and service.
AI that displaces mind-numbing repetitive tasks that human employees inevitably find boring and perform less accurately and slower than the machine should be welcomed. Mistakes cost money and bored employees become resentful and do not perform optimally.
This current situation cannot help but remind me of the scaremongering in the late 1700s and 1800s during the time of the Industrial Revolution in England which was predicted to create mass unemployment and ruin millions of lives. Fact is, it brought massive levels of efficiency which in turn brought previously unheard of prosperity to the masses and changed our country for the better.
If AI makes the customer experience better, reduces costs and improves efficiency then I believe it’s a good thing. Yes it will change our lives but change in the digital age is constant and we are already living with it.
As a purveyor of an Artificially Intelligent application that actually helps employees to perform better and improve productivity – I like to think we create employment and improve job satisfaction.