In the artificial intelligence (AI) race, some companies, and sectors, are starting on third base.
That’s because companies operating in technologically sophisticated sectors with deep libraries of operating data frequently already have the infrastructure, the employee talent and resource allotment framework in place to leverage the innovations most effectively and faster than the rest of the market.
The insurance industry is one of those sectors.
After all, InsurTech startups and incumbents alike are no stranger to either AI or digital transformation.
And that familiarity is paying off.
Githesh Ramamurthy, chairman and CEO of CCC Intelligent Solutions, told investors on the company’s Wednesday’s (Feb. 28) fourth quarter and full fiscal year 2023 earnings call that there has been a “significant change” in the “accelerating demand for AI solutions” from CCC’s customers and clients.
Automating away highly manual paper-based processes, reducing cycle times, and minimizing administrative loss are all key opportunity areas within insurance.
