The insurance industry has seen a great amount of digital transformation in recent years, but two areas that have not reaped the benefits yet are policy development and claims handling. However, with advancements in artificial intelligence, this is set to change.

That's according to Nathan Root, VP of insights and data for insurance at consultancy Capgemini Financial Services. Root, formerly an SVP in charge of underwriting transformation at CNA, says that AI's impact on claims can drastically reduce cycle time.

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