The dawn of digital innovation has arrived, and this is evident in the ways that modern business is being conducted. In such a fast-paced time, it’s vital for businesses to be prepared for incoming change and to be aware of the technology available. In a recent report by Accenture, 86% of insurers agreed that to retain a competitive edge, they need to innovate – so it’s vital to consider how to adapt.
Leading the way is artificial intelligence, which is dramatically transforming the business sphere and modern business processes. In recent years, deep learning and other advanced AI techniques have developed a staggering level of growth with regards to tasks such as understanding, categorising, and processing vast amounts of data.
As such, AI solutions in the insurance sector, in particular, are becoming increasingly popular, with services available to reduce the time and cost spent on administrative tasks considerably and diminish the countable risk of human error. Predictions for this year alone signal that insurance data will grow by 94% – 84% of which will be in unstructured documentation – and the industry is responding, with new technology from insurtech startups helping to digitally transform the management and administration of these information streams.
As technology progresses, a number of forward-thinking businesses in the insurance and financial sectors are seeing considerable benefits from working with AI technology solutions. Technology brought to market by omni:us, for example, allows insurers to extract, review and analyse data from arbitrary documents featuring structured and unstructured data, including claims, incident reports, and invoices, as well as, even low quality scanned documents, faxes, and partly handwritten forms to a much higher and accurate level than previously imagined.
It’s inevitable that certain job roles will eventually be phased out through automation. But automation should not be considered a detrimental step for any business – pushing boundaries is intrinsic to development and progress. Companies automating business processes with cognitive technology are blazing a trail in their sectors, and with these developments, human time and effort can be redeployed to other areas of the business and create a selection of higher value roles.
It’s no secret that AI is disrupting industries, reshaping business models and changing lives, but companies shouldn’t fear this change. The modern world is dominated by technology and the era of AI is here to stay. In a complex digital world, the most successful businesses will be those that demonstrate adaptability, flexibility, and who are embracing innovation by making investments in automated services for the better.
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