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It has been said AI is not a silver bullet to all the insurance industry’s shortcomings. So, what’s all the chatter about? Where is it best suited, and what (if any) are its limits?
The KYC and refresh process in financial services can often be heavily burdensome, complex and costly for companies, with processes still lacking up-to-date technologies.
The insurance industry has paid lip service to AI and machine learning for some time. However, adoption has been underwhelming. As firms come under intense pressure to meet changing customer demands, could this instigate more rapid AI adoption?
Customers have raised the bar on the level of service they expect from their insurance provider. Faced with the industry’s historic reputation of working against the customer, insurers and InsurTechs must raise their customer experience game if they are to come out on top.
Insurers, re-insurers and brokers are increasingly focussed on how they can deliver more personalised, autonomous and tailored customer experiences. To meet this need, gaining a thorough understanding of every customer has never been more vital.
The rise of fraud, specifically lending fraud, during the pandemic has been a hot topic for discussion. In a time where fraud is becoming more commonplace, how can industry fight back?
The rise in importance of climate change on the business agenda has been impossible to miss. With this rise, the need for financial organisations to address ESG matters is reaching a boiling point.
A recent study by Quantexa has found that up to 61% of those in financial services use or plan to use AI.