Insurance Evolution Summit is ReSource Pro’s biggest event of the year, offering our clients a unique opportunity to learn about the key drivers of change in our industry, understand how to prepare their organization for them, discover new best practices, and network with other insurance professionals.
As part of this event, we held a panel discussion where we shared how insurance organizations can go about deploying, and ultimately, maximizing automation technology. During the session, we asked attendees to take a brief survey to share their thoughts on automation and AI in insurance. Here’s what we uncovered.
The top barrier to automating is not knowing where to begin
Getting started with automation is often challenging. When asked, “Where are you on your automation journey?” 47% of respondents said they had not yet started, whereas 53% had either completed a proof of concept or deployed at least one bot.
To understand why, we asked respondents which factor most prevented or limited their adoption of automation. The number one reason we discovered was not knowing where to begin. This was followed by the difficulty of aligning IT and operations, as well as having tasks that are too fragmented to automate, which came as equal challenges for respondents. Fear of change was the least concerning factor.
AI will have a positive impact on P&C insurance
Artificial intelligence is breaking new ground all the time. We asked our audience how they feel about the technology in general. Half of respondents said they are excited about AI, 40% said they feel neutral or are prepared to adapt, and only 10% said they are fearful.
When it comes to P&C insurance specifically, all respondents believe AI will have a notable impact on the space. Sixty-five percent said the technology will have broad applications, 23% said it will be useful in select use cases, and the remainder of respondents believe it will completely transform insurance. We also asked which areas AI will affect the most. Thirty-nine percent said new business, 27% said claims, 18% said policy servicing, and the remainder said renewals.
Another big question revolves around how AI will impact insurance roles—will it help or hurt? According to our survey, 58% of respondents believe the technology will enhance or augment human experts while 42% said it will change roles or create new roles. Interestingly, none believe the technology will replace humans or eliminate jobs.