Future of Data and Artificial Intelligence in the Insurance Industry

The insurance industry is undergoing a significant transformation with the advent of data and artificial intelligence (AI). Taylor Rhodes, CEO of Applied Systems, believes that harnessing data and making it useful is the key challenge in this digital era.

Applied Systems, a company founded in 1983, has witnessed the evolution of modern technology over the years. Rhodes acknowledges that traditional approaches may not be effective in the future. Therefore, the company has adopted a simpler and streamlined approach to address the industry’s tech issues.

The concept of the „digital round trip of insurance“ guides Applied Systems’ approach. This involves digitizing workflows and connecting agencies, clients, prospects, and insurance carriers seamlessly. By incorporating intelligence into these workflows, agents can access relevant information and recommendations in real-time, aiding them in making better decisions.

This digital transformation is particularly beneficial for those working with small businesses. Automating processes and reducing manual effort allows agents to focus on serving their clients better. Rhodes emphasizes that the small commercial space is one of the largest growth areas in the U.S.

The insurance industry, with its abundant data, is an ideal playground for AI. The technology can quickly analyze vast amounts of data, enabling agents and producers to focus on interpreting the results and providing value-added services to clients. However, Rhodes highlights the importance of learning how to use AI effectively to maximize its benefits.

While AI has the potential to revolutionize the insurance industry, agents and producers must adapt and become fluent in its usage. Applied Systems aims to lead their clients into the future of AI by providing valuable products and assisting them in leveraging AI intelligently.

In conclusion, the future of the insurance industry lies in the effective utilization of data and AI. Companies like Applied Systems are spearheading the transformation by implementing streamlined approaches and equipping insurance professionals with the necessary tools to thrive in the digital age.

Frequently Asked Questions (FAQ)

1. What is the digital round trip of insurance?

The digital round trip of insurance refers to the process of digitizing workflows and connecting agencies, clients, prospects, and insurance carriers seamlessly. It involves incorporating intelligence into these workflows, enabling agents to access relevant information and recommendations in real-time.

2. How can AI benefit the insurance industry?

AI has the potential to analyze vast amounts of data quickly, allowing agents and producers to focus on interpreting the results and providing value-added services to clients. It can revolutionize the way insurance professionals work and raise the bar on the value they add to the industry.

3. What is the role of AI in small commercial insurance?

Automating processes and reducing manual effort through AI can significantly benefit small commercial insurance. By streamlining workflows and enabling agents to focus on serving clients better, AI helps maximize efficiency and profitability in the small commercial space.

4. How can insurance professionals adapt to the future of AI?

Insurance professionals must become fluent in the usage of AI to adapt to the future of the industry. They should acquire the necessary skills and knowledge to leverage AI effectively and provide additional value to their clients. Companies like Applied Systems aim to lead their clients safely into the future of AI by providing guidance and valuable products.