Formula of Insurance Innovation Success: Artificial Intelligence, Analytics and Automation

Rohit Kapoor talks to The Economist about Digital Transformation

The formula for successful digital transformation includes artificial intelligence (AI), data analytics and business process automation. However, simply investing in technology alone will not ensure ROI from digital. In fact, applying digital technology in the right mix to solve specific business problems can be a challenge for industries historically slow to embrace change, such as insurance.

Insurance companies today are increasingly pressured to innovate due to the customer expectations, disruptive competition, and evolving risk profiles due to climate change and cyber-crime, among other reasons. Meanwhile, insurers are also expected to increase revenue and profitability against the backdrop of slow growth and low interest rates. Read More...