Many economists have predicted that recession is on the horizon and it is imperative that companies are prepared to deal with the challenges and capitalise on the opportunities this brings. This could have profound effects on the insurance industry as it could lead to less demand for insurance; increased pressure to settle claims quickly and accurately; increased regulation and the need to consolidate to avert risk. These challenges could prove costly to many insurance companies if they fail to effectively prepare for this looming uncertainty.

Effectively leveraging AI and data analytics could hold the key to mitigating the damage which these challenges could inflict on the insurance industry. It’s imperative that the insurance sector creates the infrastructure to effectively handle the vast amount of consumer data which has been collected. Doing so will allow insurers to offer tailored insurance solutions to consumers. While AI can allow accurate and rapid settling of claims by automatically processing information, in some cases this can be done within merely three seconds, allowing human employees to focus on more technical tasks.

This webinar hosted by the Financial Times, in partnership with Infosys, will explore how the insurance sector can leverage the transformative potential of AI and data analytics to ensure it is resilient in the face of crisis and prepared for the challenges it may face. 

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