How cognitive computing enhances engagement and efficiencyDownload the full reportDownload the infographic
Scaling human expertise With premium growth stagnant, declining income and disruption from outside players, insurers are looking more than ever for better ways to increase efficiency and get closer to the customer. As the cognitive era dawns, outperforming insurers are rethinking insurance: applying cognitive technologies that understand, reason, learn and interact can improve the way insurers do business. Sixty-nine percent of those surveyed in 2016 describe their organizations as prepared to adopt cognitive computing. At the core, data – internal and external, structured and unstructured, real time and historical – will power and differentiate cognitive systems.
Participation in platform business models opens the door to both cost savings and new revenue streams for insurers.
By using AI to move prices closer to the market, insurers can gain faster insights into the variables, such as price elasticity.
The Indian insurance market has enormous potential for growth if it can overcome its constraints and bureaucratic legacies.