Artificial Intelligence (AI) was a term coined by emeritus Stanford Professor John McCarthy in 1955. He defined AI as “the science and engineering of making intelligent machines.” Since then, AI has evolved into a multidisciplinary field encompassing various technologies and methodologies that simulate human-like intelligence in machines. AI in the insurance industry is one such...
Insurance back-office operations is projected to reach $24.6 billion by 2032, growing at a CAGR of 12.3% from 2023 to 2032, according to a survey by Allied Market Research. We already know that back-office operations are the administrative functions of an organization that are vital for its functioning, but which do not directly contribute to...
Automated insurance underwriting is the process where robotic process automation (RPA) and artificial intelligence (AI) software underwrites the risk of potential clients. — Insider Intelligence It assesses and evaluates insurance applications and determines the associated risk. The significance of automated insurance underwriting is increasing for its transformative impact on efficiency and risk assessment. As it...
Insurance risk management has always been a critical aspect of the financial landscape. However, in today’s world that is witnessing unprecedented global challenges, re-defining technological advancements, and humongous economic uncertainties, risk management in insurance has turned more complex and vital than ever before. In Deloitte’s Global Risk Management Survey, 11th edition, on the question, How...
