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If AI Is So Efficient, Why Aren’t Insurers Seeing the Savings?
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I’ve been struck by a growing disconnect between what recent research suggests and what I’m hearing in conversations with claims leaders.
On one hand, industry analyses and operational benchmarks suggest that artificial intelligence can increase the speed and efficiency of key claims activities. FNOL handling becomes faster, document processing accelerates, and elements of damage assessment move more quickly when workflows are redesigned around automation. In the right conditions, these improvements are real and visible.
Understanding the risks of AI integration across the insurance industry
The integration of artificial intelligence into all aspects of the insurance ecosystem is no longer optional, but mandatory for insurers, agents and brokers. There are very real benefits to using AI, but it also comes with unique risks, particularly as threat actors use it in the claims space.
Frank S. Giaoui, PhD, JSD, is an entrepreneur and academic specializing in the intersection of law, economics, and insurance technology. He is founder and CEO of Optimalex, a SaaS InsurTech company applying explainable AI–based predictive analytics to improve fairness, consistency, and efficiency in claims adjustment. Giaoui is a Scholar at Columbia Law School, a lecturer at Arizona State University, and an adjunct professor at the University of Lorraine in France
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