In the insurtech space, vendors may be looking for their first true success — that is, one that shows tangible improvements to critical KPIs. (Credit: Dapitart/Adobe Stock)
As 2023 came to a close, my colleagues and I spent time thinking about some significant trends in the AI and insurtech space.
The most impactful trend we see is artificial intelligence applications becoming pervasive in many parts of the insurance value chain. To date, most insurance companies have not leveraged AI effectively. Many have struggled to build applications that genuinely add value for many reasons. Poor data quality, lack of appropriate IT resources to implement, and a disconnect between end users and the data science teams developing these applications are among them.
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