This year has the potential to present significant challenges to our customers, with macroeconomic forces following the COVID-19 pandemic, economic inflation, and an increasing frequency and severity of catastrophic losses. In order to stay profitable in 2023, P&C insurers will need to control their expenses, carefully consider the models they use to make risk decisions, and acquire rate.
Toth and Dhuvur believe AI-enabled products will be an invaluable asset to insurers looking to navigate these challenges. They see AI making a significant impact across the policy life cycle in 2023, including underwriting and rating, operations, and claims.
With AI, insurers will be able to automate the ordinary and humanize the extraordinary, achieving faster and more accurate risk decisions. This will not only improve insurers' bottom line, but it will also enable them to better serve their customers by providing more personalized coverage options.
In terms of operations, AI can streamline processes and improve efficiency, leading to cost savings for insurers. And when it comes to claims, AI can help insurers with fraud prevention and increased efficiency to reduce costs.
Overall, the Co-Founders believe AI will play a critical role in helping P&C insurers overcome the challenges of 2023 to emerge stronger and more profitable.