What do you think was the most significant insurance-technology development of 2022?
“Artificial intelligence (AI) and machine learning (ML) enhanced the insurance industry in 2022. These technologies improved risk assessment, streamlined claims processing, and provided a better customer experience. ML algorithms analyzed large datasets and identified patterns and trends that helped insurance companies make more informed decisions about the risks they would take and enabled more accurate and personalized pricing models. As industry-specific AI/ML advances, its application will become increasingly widespread.”
What do you forecast to be the most impactful insurtech trend in 2023?
“2023’s most significant advancements will come from technologies similar to ChatGPT that blur the line between human and machine-generated content. We believe that large language models will enable rapid and engaging asynchronous quote and claim interactions across most lines of business.”
“Additionally, Insurance leaders spent the past five years on large-scale digital transformation yet failed to realize ROI from many of the point solutions they implemented. These tools - RPA, IDP, Conversational AI, and Workflow - continually increased technical debt and non-core overhead while also incurring significant operational disruption. The tools ultimately failed to solve the fundamental challenges insurance leaders faced – increasing margin pressure in the face of a global talent crisis and rising costs.”
“So, I expect to see continued consolidation of disparate, disintegrated automation and AI solutions into core industry tech or new turnkey offerings (Solutions as a Service). These applications target specific vertical use cases (e.g., Claims Management) rather than broad, horizontal plays (e.g., reading documents).”
— John Cottongim, Co-Founder & CTO, Roots Automation
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