FOREWORD FROM AWS
Insurance carriers are intrinsically data and analytics-driven organizations. Carriers have always been drawn to advanced analysis to shape their decision-making processes, such as pricing risk or managing loss exposure. Now, carriers are exploring artificial intelligence and machine learning (AI/ML) as the next frontier for advancing insurance operations. From simpler tasks like extracting data to pre-populate claims forms to using drone surveillance data to analyze property details for risk analysis, AI has the ability to dramatically improve efficiencies across the value chain. But how many insurers are actually using it? At Amazon Web Services (AWS), we are seeing growth in AI deployments at insurance companies across a range of use cases, but we don’t yet see the widespread adoption that exists in other industries.
We partnered with Aite-Novarica Group to find out more about the state of AI in the industry, including where insurers see the most value from AI and ML and what’s holding them back. In the following report, you’ll find some interesting insights into the opportunities and challenges around AI adoption, as well as some examples of how insurers are leveraging it successfully today. We hope you will find it useful in your own exploration into how AI technology can improve your own processes and take your business to the next level.
Jayme Hart, Insurance Specialist, AWS
Insurance carriers are intrinsically data and analytics-driven organizations. Carriers have always been drawn to advanced analysis to shape their decision-making processes, such as pricing risk or managing loss exposure. Now, carriers are exploring artificial intelligence and machine learning (AI/ML) as the next frontier for advancing insurance operations. From simpler tasks like extracting data to pre-populate claims forms to using drone surveillance data to analyze property details for risk analysis, AI has the ability to dramatically improve efficiencies across the value chain. But how many insurers are actually using it? At Amazon Web Services (AWS), we are seeing growth in AI deployments at insurance companies across a range of use cases, but we don’t yet see the widespread adoption that exists in other industries.
We partnered with Aite-Novarica Group to find out more about the state of AI in the industry, including where insurers see the most value from AI and ML and what’s holding them back. In the following report, you’ll find some interesting insights into the opportunities and challenges around AI adoption, as well as some examples of how insurers are leveraging it successfully today. We hope you will find it useful in your own exploration into how AI technology can improve your own processes and take your business to the next level.