Artificial intelligence, the internet of things and massive computing power are transforming the insurance industry. Claims procedures are being handled in an entirely new way, impacting everything from data gathering to data analysis. I saw something similar in my previous stop at American Express, where I worked on projects such as using artificial intelligence for data predictions and automating customer service. I'm doing something similar in my current role as well.
For example, the way we process data for quotes is rapidly transforming, thanks to much more efficient algorithms. Traditionally, the distribution chain for commercial insurance has been particularly complex and inefficient. It used to take two to four days to generate a quote, and there were a lot of hands involved in that process. Thanks to advances in data gathering and human process improvements, generating a quote now takes only minutes in some cases.
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