The Data-Driven Transformation of Insurance: 7 Data, AI and ML Use Cases That Differentiate Your Business
Insurance companies are feeling the squeeze.
New Financial Conduct Authority (FCA) regulations are coming that seek to increase competition, transparency and fairness–putting pressure on margins.
At the same time, people are realising that insurance is a market that is ripe for disruption. Insurtech challengers are threatening to usurp the market share.
Incumbent insurance companies are feeling the pressure from all sides and need to respond.
The biggest source of untapped competitive advantage is data.
With this in mind, we will be taking a look at how the insurance industry can drive data-led innovation with machine learning and artificial intelligence to:
- Increase your customer base through more competitive pricing and personalised marketing
- Reduce customer churn
- Reduce operating costs by enhancing fraud detection and claims automation
And, ultimately, grow your business profitability in the new world of insurance.