September 30, 2020 by Reuters Events
LONDON, UK, SEPT. 30, 2020/insPRESS/ – With new technologies enabling both operational efficiency and a superior customer experience, from artificial intelligence to IoT technology and mobile customer communication methods, evidence shows now is a critical time for insurance technology advancements in North America.
A recent Reuters Events survey of over 450 senior NA insurance executives found that 92% of executive teams are currently “dedicated to transforming the multiple functions”, with 44% aiming to improve the customer experience and 41% seeking to improve operational efficiency as a priority. Whatever their aims, it is clear that digital transformation is a critical focus in 2020, as technology-led innovation continues to gain greater primacy.
Why is this so important right now? Digital Transformation is now a matter of necessity. Companies must realize the advantages of increased automation and AI by assessing the current opportunities, identifying the high-impact applications, and laying out the business plan through to full functionality. It is also crucial to identify the ‘quick wins’ to automate activities with the highest automation potential and free up resources to create a long-term vision for comprehensive transformation, with automation and AI capabilities at the core. One main goal is to build an augmented intelligence operating model – combining machine intelligence and human judgement – for a continuous loop of business insights and improvements.
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