1 2 AI and Me 3 4 5 Although 68 percent of insurance companies in this year’s research are piloting or adopting AI in one or more business units, most are realizing only a small slice of their AI potential. While insurers are plugging AI and other tech tools into existing workflow, many are focusing on MetLife uses a robust analytical engine to segment and analyze claims, with eligible claims automatically automation and execution rather than its true transformative potential. Simply using AI to make their adjudicated in real-time. This has reduced turnaround from 12 days to 15 minutes. Case managers can organizations run faster and cheaper is to limit its impact. The leaders look at AI differently: not only as use AI, text analysis and visualization solutions to review and reassess in seconds rather than minutes. a way to transform how businesses do work, but also what their people actually do as well as how their In addition, an AI platform provides real-time alerts to help employees listen to and understand their 21 business operates, delivers its services and interacts with customers. AI is becoming an agent of change customers regardless of language or dialect. across the organization. AI can also compensate for human fallibility—for example, improving data quality. In small commercial However, AI can’t reinvent the business on its own. To tap into the unique strengths of the technology, insurance in North America, it is estimated that 20 percent of data from agents and customers is insurance businesses will rely on people’s ability to steward, direct and refine AI. They will need to incorrectly captured. AI can radically improve accuracy, improving pricing and performance. engineer the opportunity for human employees to couple their unique talents and knowledge with the capacity of machines to explore new possibilities. Another use case is the work a large carrier in Japan is doing to develop an integrated, AI-driven platform that supports P&C agents with sales support. Where the sales reps used to seek—and try to convert— Those that do so successfully will build the next generation of intelligent businesses—where humans leads based on their own relationships and experiences, they now get next-best-action recommendations and AI systems work together to reimagine what’s possible. MetLife’s claims organization is one example from the AI engine. The system is constantly improving based on agent feedback. of people and intelligent automation working hand in glove to enhance the customer experience and increase operating efficiencies. Robotic automation has freed up 200,000 hours per year for the US carrier’s case managers. 24 Technology Vision for Insurance 2020 | We, the Post-Digital People