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An SMA Research Report


Author(s):

Mark A. Breading, Partner

Karen Pauli, Principal

Publication Date: October 16, 2020

Number of Pages: 15

Price: $995.00 USD

Artificial Intelligence (AI) is transforming the P&C personal lines insurance business. The AI umbrella covers a number of technologies, and it is critical that personal lines insurers review each technology for applicability for their specific mix of business. How do insurers plan to include AI in 2021?

This report provides survey results for six AI technologies: machine learning, computer vision, natural language processing, new user interaction tech, voice tech, and robotic process automation. Charts illustrate 2021 interest levels and adoption maturity ratings for each technology. Additionally, business value rankings are shown for underwriting, claims, policy servicing, distribution, and billing. An evaluation of each technology is included, along with a separate analysis for AI in underwriting, claims, and policy service. The report concludes with SMA’s distinctive call to action.

20201015 AI PL

 

Table of Contents

  • Artificial Intelligence Technologies: At the Heart of Transformation 3
  • Insurer Progress and Plans for Six Key AI Technologies
  • Insurer Progress and Plans for Each AI Technology 5
  • Machine Learning
  • Computer Vision
  • Natural Language Processing (NLP)
  • User Interaction Tech
  • Voice Tech
  • Robotic Process Automation (RPA)
  • AI in Key Business Areas 11
  • AI in Personal Lines Underwriting
  • AI in Personal Lines Claims
  • AI in Personal Lines Policy Service
  • SMA Call to Action 14
  • About Strategy Meets Action 15