As the opportunities for artificial intelligence (AI) continue to infiltrate almost every business, one vertical that is yet to fully exploit the relevant opportunities is the insurance industry. Despite 85% of insurance executives stating AI would be critical to their business’ future, a survey last year by Willis Towers Watson showed that 74% of respondents felt the insurance industry has failed to show leadership in digital innovation.
While the adoption of AI is advancing in insurance, deployment is still not widely circulated. The insurance industry needs to respond to this changing business landscape and recognize the potential of AI to reshape everything from underwriting and claims management, to pricing. In order to successfully position themselves as insurers of the future, carriers need to embrace these emerging technologies.
Finaeo, the world’s first digital Managing General Agent (MGA), is disrupting the insurance supply chain by digitizing and automating the end to end process, making it more transparent and efficient to purchase insurance. By streamlining the administrative process from prospect-to-purchase, Finaeo helps financial advisors reduce the burden of manual paperwork and old processes. Instead, Finaeo helps advisors spend time on what matters; building real relationships with their clients and never letting anything fall through the cracks.
Listen over at mrp.