- Technologies Oriented & Experience Focused: Experience related AI technologies include virtual assistant, speech analytics, and recommendation engines. These technologies are being adopted in customer service and insurance product selection business activities.
- Technologies Oriented & Operational Focused: Operational AI technologies comprises text analytics, advanced analytics, facial and image recognition, machine learning and natural language generation. Most of these AI technologies are being adopted to improve operational efficiencies. However facial recognition and machine learning are being used to mitigate the risk exposure of insurers.
- Solutions Oriented & Experience Focused: The two experience focused AI solutions concentrate on providing a positive customer experience. The solutions combine multiple AI technologies to create conversational solutions and industry pre-trained solutions. The latter is also being used to train internal customer facing roles.
- Solutions Oriented & Operational Focused: As machine learning has grown in maturity, we find insurers combining other AI technologies with machine learning to create deep learning solutions. Currently, risk management is the focus area of deep learning solutions.
Original source: The Insurance Industry Is A Prime Target For AI Technologies And Solutions