Incumbent insurers have accelerated their use of mature AI deployments in the past year to meet changing customer expectations and better compete with insurtechs. They’ll now need to infuse the tech across their business segments to unlock the full potential—including enhanced personalization, cost cutting, and stronger risk management—of AI-driven digital transformation.

Rapidly shifting customer expectations, disruption from new entrants, and new risks and coverage needs threaten to turn the property and casualty (P&C) insurance industry on its head. But insurers that digitally transform can come out on top.

A challenging market environment is complicating insurance CMOs’ already expanding role. Honing strategies that meet evolving consumer expectations can help CMOs maximize customer lifetime value and deliver profitable growth.

People trust their gut, but AI doesn’t have one: Executives are guarded about AI adoption for high-level use. There’s a path forward, but given the risks, C-suite caution is wise.

As Hurricane Ida and the Caldor and Dixie fires continue to haunt the US insurance industry, Amica Insurance is partnering with Zesty.ai to use its solution to better assess wildfire loss.

The Chinese insurance marketplace uses AI to match consumers with suitable coverage options—and its digital-first solution can help bridge China’s insurance gap, especially since the life and health insurance market is set to grow.

Chat operators will have access to real-time translation, better customer data, and AI-driven recommendations leading to more personalized service with negligible lags. Apps can also track more data for seamless payment options. Lastly, computer vision could add services, such as damage assessment for insurance, document verification, or branch directions.

The insurtech raised $60 million to expand its AI damage appraisal solution to property claims, and its existing partner network gives it strong cross-selling opportunities.

Let’s debrief: Of the many fintech trends we’ve tracked this year—from the mainstreaming of blockchain-based decentralized finance (DeFi) to using AI to underwrite insurance—there’s been one clear through line: An unprecedented wave of funding has saturated virtually every corner of the space. Over the first three quarters of 2021, fintechs globally raised $94.7 billion in funding.

Some of their endeavors—like Amazon’s health insurance joint venture, Apple’s deep dive into medical research, and Microsoft/Google’s cloud-computing projects— have the potential to change healthcare at large.

On today's episode, we discuss whether startups like Oscar Health can take on the major health insurers, how the consumerization of healthcare is changing expectations, and what digital tools are leading to healthcare's digitization. Tune in to the discussion with eMarketer principal analyst at Insider Intelligence Lisa Phillips.

The latest partnership is especially timely as the auto insurance industry in particular heats up with new entrants: French startup Ornikar raised $120 million earlier this week to move beyond driver education into car insurance, and Lemonade, which recently launched in France, announced its expansion into auto insurance.

The use of voice assistants among US adults is growing as both consumers and companies find more use cases for conversational AI technologies.