Insurers Say They Were Slow to Adopt Digital
A survey by Information Services Group has found that major insurance companies regret not investing more in artificial intelligence (AI) earlier. The companies that participated in the survey also admitted that they have a lot of catching up to do. The survey found that 86 percent of respondents believe customer behavior will change because of COVID-19. Furthermore, 90 percent expect the digital transformation will occur faster in the industry. Bryn Barlow, partner at ISG, pointed out that 60 percent of big insurers still use paper for their processes. Experts say slow adoption of AI is because insurers focused on lowering costs to boost profits instead of gaining new customers. According to the survey, 61.5 percent of insurers plan to invest in digital customer experiences, and 51.3 percent will spend money on cloud transformations.