Call for Paper
CAE solicits original research papers for the April 2023 Edition. Last date of manuscript submission is March 31, 2023.
AI-enabled Digital Transformation of Insurance Industry
Arun Chaubey and Sachchidanand Singh. AI-enabled Digital Transformation of Insurance Industry. Communications on Applied Electronics 7(34):6-9, September 2020. BibTeX
@article{10.5120/cae2020652870,
author = {Arun Chaubey and Sachchidanand Singh},
title = {AI-enabled Digital Transformation of Insurance Industry},
journal = {Communications on Applied Electronics},
issue_date = {September 2020},
volume = {7},
number = {34},
month = {Sep},
year = {2020},
issn = {2394-4714},
pages = {6-9},
numpages = {4},
url = {http://www.caeaccess.org/archives/volume7/number34/872-2020652870},
doi = {10.5120/cae2020652870},
publisher = {Foundation of Computer Science (FCS), NY, USA},
address = {New York, USA}
}
Abstract
Insurance is a financial instrument used by insured, individuals and businesses, as a risk mitigation tool. It's a promise by the insurer that when an event occurs, a certain loss amount would be paid to the insured. Artificial Intelligence (AI) technologies like Machine Learning (ML) and Natural Language Processing (NLP) can handle processing of the large data volume of the insurance domain daily chores like automated claims, underwriting, chatbots more accurately and faster compared to the humans etc. Artificial intelligence (AI) is enhancing every step in the insurance value chain like instantly customizable life insurance and on-demand property coverage.
In this paper, we'd try to draw conclusions & recommendations to perform successful digital transformations for an insurer based on our industry experiences of helping some of the world's largest insurers to go through that transformation journey successfully. We'd also explain the various avenues and touch points where latest technologies such as Artificial Intelligence (AI) can be used to create a market differentiator and value creator to the insurers.
References
- How Digital Transformation is Changing the Insurance Industry, https://global.hitachi-solutions.com/blog/insurance-digital-transformation
- AI and CSP: Keys to digital transformation in insurance,https://www.propertycasualty360.com/2020/05/25/ai-and-csp-keys-to-digital-transformation-in-insurance/
- The power of disruption: Digital transformation in insurance,https://www.propertycasualty360.com/2020/03/20/the-power-of-disruption-digital-transformation-in-insurance/?slreturn=20200725111354
- Disrupt or Die: The Emerging Role of AI Technologies in the Insurance Market, https://www.exlservice.com/disrupt-or-die-the-emerging-role-of-ai-technologies-in-the-insurance-market
- Embracing Digital Is The Key To An Organization’s Future Success, https://www.vlinkinfo.com/embracing-digital-is-key-to-success/
- Why it’s important to embrace digital technology, https://www.unily.com/insights/blogs/why-it-s-important-to-embrace-digital-technology
- Porter's Value Chain- Understanding How Value Is Created Within Organizations, https://www.mindtools.com/pages/article/newSTR_66.htm
- The value chain approach to insurance, https://www.captiveinternational.com/contributed-article/the-value-chain-approach-to-insurance
- Reinforcing the Insurance Value Chain, https://www.verisk.com/verisk-review/winter-2016/reinforcing-the-insurance-value-chain/
- The value chain approach to insurance, https://www.captiveinternational.com/contributed-article/the-value-chain-approach-to-insurance
- 3 ways AI is transforming the insurance industry, https://thenextweb.com/growth-quarters/2020/02/24/3-ways-ai-is-transforming-the-insurance-industry/
- Insurance 2030—The impact of AI on the future of insurance,https://www.mckinsey.com/industries/financial-services/our-insights/insurance-2030-the-impact-of-ai-on-the-future-of-insurance
- AI in insurance communication offers insurers a competitive edge, https://www.striata.com/how-ai-technology-will-change-the-future-of-insurance/
- Three ways AI will transform the insurance industry, https://www.ey.com/en_in/insurance/three-ways-ai-will-transform-the-insurance-industry
- Top 5 ways AI is transforming the insurance industry, https://www.act21.io/top-5-ways-ai-is-transforming-the-insurance-industry/
- How Insurance Companies are Using Artificial Intelligence to Transform an Industry, https://innodata.com/insurance-data-annotation/
- AI – the new magic in insurance, https://www.expresscomputer.in/columns/ai-the-new-magic-in-insurance/57653/
- How can insurers realise the true value of AI? https://www.fintechmagazine.com/insurance/how-can-insurers-realise-true-value-ai
- Five major challenges of insurance digital transformation, https://www.propertycasualty360.com/2020/08/26/five-major-challenges-of-insurance-digital-transformation/?slreturn=20200726085248
- The Nine Elements of Digital Transformation, https://sloanreview.mit.edu/article/the-nine-elements-of-digital-transformation/
- Digital transformation: online guide to digital business transformation, https://www.i-scoop.eu/digital-transformation/
- Digital continues to disrupt, https://www.forrester.com/staticassets/marketing/blogs/ForresterInfographicDigitalBusinessNigelFenwick18.pdf
- World Economic Forum WhitePaper- Digital Transformation of Industries: In collaboration with Accenture, http://reports.weforum.org/digital-transformation/wp-content/blogs.dir/94/mp/files/pages/files/digital-enterprise-narrative-final-january-2016.pdf
- Digital Doesn’t Have to Be Disruptive, https://hbr.org/2019/07/digital-doesnt-have-to-be-disruptive
- Embracing the Digital Era- What We Need Is a Vision, a Structured Approach and Experimentation, https://www.compact.nl/en/articles/embracing-the-digital-era/
- Unlocking success in digital transformations, https://www.mckinsey.com/business-functions/organization/our-insights/unlocking-success-in-digital-transformations
- Business 4.0TM - The behaviors of digital transformation, https://www.tcs.com/content/dam/tcs/pdf/discover-tcs/business/The%20Behaviors%20of%20Digital%20Transformation.pdf
Keywords
Insurance, Underwriting, Automated Claims, Face Amount, Deductible, Co-payment, Reinsurance, Insurance Value Chain
© 2023 Communications on Applied Electronics, a product of Foundation of Computer Science, NY, USA. All Rights Reserved.