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Artificial Intelligence will be key for the insurance industry in the coming years

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Artificial Intelligence will be key for the insurance industry in the coming years

The insurance sector will be completely transformed over the next five years due to the rise of new technologies. Both Big Data, Artificial Intelligence and Graphs are increasingly related to the insurance sector.

However, this is not new. Like the banking sector, the insurance sector has always been a forerunner in making the most of new ICT technologies in order to optimize business processes and achieve better competitive advantages.

IT are key in the insurance sector

The insurance sector is one of those that has always been able to invest strategically in ICT, with a long-term vision that has allowed them to reduce costs and respond more quickly to the demands of their customers. Thanks to this, it has become one of the most competitive and dynamic markets, betting on Big Data, Artificial Intelligence (AI), Graphics, Cloud Computing and IoT devices. 

In short, we could say that thanks to their commitment to the latest technologies, they have managed to grow their business exponentially.

The truth is that today continuing to innovate is key for the insurance sector, since technology such as Artificial Intelligence (AI) or blockchain will set the pace of progress in the sector.

Artificial Intelligence allows to better compete in the market

The insurance companies that best adapt to the use of Artificial Intelligence are those that will achieve the best positioning in the market.

This will undoubtedly be a challenge for the more traditional insurance companies, which will enter into competition with the new digital insurance companies that have burst into the business.

Another key trend right now is the incorporation of large banking companies into the insurance sector, which were not involved in the sector until now.

New business opportunities predicted by AI experts

Artificial Intelligence and blockchain are going to be determinant to improve the relationship with the client.

According to the “Accenture Banking Technology Vision 2019” survey, 49% of those surveyed said that Artificial Intelligence will be key in the insurance sector. On the other hand, 53% will bet on the blockchain.

In short, we are facing the perfect scenario to carry out the most innovative projects for the insurance sector to adapt to new times.

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