Insurtech

As advances in artificial intelligence create new roles in the insurance industry and transform more traditional ones, industry experts say the key skills needed in this new age are more about practical application of AI rather than just being able to use technology itself.

When it comes to competing in the insurance market in an age of AI, data may be “golden” but the action insurers take with that data is a more crucial differentiator, industry leaders said.

Insurers may be excited about deploying artificial intelligence across a growing number of business lines. Still, they must remember their clients may not feel the same, a new report from Hi Marley suggests.

Fears about being replaced by artificial intelligence could be sucking morale out of today’s insurance workforce, as a Glassdoor report found that more than 80% of employee reviews that specifically mentioned AI in insurance were negative.

As artificial intelligence continues to take over the financial services industry, a new report by PwC found there is more demand for AI skills than even MBA degrees, which were traditionally the gold standard for workforce talent in the field.

AI will undoubtedly create new opportunities and efficiencies, but innovation should not come at the expense of privacy.

This tool helps insurers assess their progress in AI, gain insights into how their competitors are using AI, and identify missed opportunities where AI could deliver additional benefits.

What happens when a client receives an AI-influenced decision and wants to know why?

Artificial intelligence can help insurers modernize policy migration, making the process seamless for customers and providing better customer experience, according to Juan Huerta, head of AI with Zinnia.

If you are not a leader in the AI race, what makes you stand out?

While many insurers are moving to adopt AI across various aspects of their businesses, claims payouts are being overlooked.

While the insurtech industry has primarily focused on leveraging artificial intelligence for automation, Dan Schuleman, founder and CEO of Qumis said the next step is figuring out how to use it as a “strategic weapon” of transformation.

Qumis just released a suite of lawyer-trained artificial intelligence agents across 16 areas of insurance, a move cofounder and chief technology officer Shiv Sinha is calling “the future” of commercial insurance coverage.

The use of agentic AI in the insurance industry has positively impacted sales by empowering consumers and helping less experienced agents overcome barriers, according to an industry expert.

Insurers may be in a race to adopt and scale artificial intelligence faster than their competitors do, but jumping the gun could lead to disaster.

Some insurers should reconsider how they use artificial intelligence for customer service, as a new Trustpilot report found that an “AI communication gap” could negatively affect consumer reviews.

The National Association of Insurance Commissioners is struggling to contain the fallout from a June 11 cyber breach that potentially exposed sensitive information.