Millions in insurance premiums each year in Canada could be at risk due to poor claims experiences and process inefficiencies, but artificial intelligence (AI) technologies can mitigate these losses and create efficiencies that bring in more dollars, a new report found.
“In Canada, $811 million [in] premiums could be at risk per year, or $4.1 billion over five years, due to poor claims experiences and process inefficiencies. Fifty-six percent of this is attributable to motor insurance claims,” said Accenture in an email statement.
AI technologies such as machine learning and data analytics could transform the claims value chain and improve customer outcomes.
“With today’s rapidly maturing technologies and the ability to tap into ever-increasing data, AI has emerged as the transformative technology and critical differentiator in the insurance industry, especially…
