Expert highlights why insurance tech opportunities are huge

How can insurers make the most of this growing reality?  With the rapid and significant changes that are reshaping the insurance industry, where should insurance companies focus? According to Gallagher Bassett (GB) automation, AI and analytics head Sameer Oghanna, insurers need to understand and respond to changing customer expectations. He suggests looking towards utilizing virtual assistants or human-assisted artificial intelligence (AI) to respond to customers more efficiently and effectively. “A key benefit of utilizing machine learning is that it can be effectively applied across unstructured, semi structured and structured datasets,” Oghanna said. “This allows it to be used throughout the whole value chain. Insurers can, therefore, gain a deeper understanding of claims behavior, risk, customers, and do so with greater predictive accuracy.” Oghanna noted a significant opportunity arises for organisations to unlock insights from their unstructured data (voice and sentiment analytics, medical text, clickstream) and leverage it throughout the insurance value chain.