AI adoption is occurring at a critical time for the insurance industry, as rising costs and evolving risks – including those related to climate change – have contributed to significant increases in insurance premiums and claims.
CSIRO, Australia's national science agency, and the Insurance Council of Australia (ICA) have prepared a report outlining how artificial intelligence (AI) can improve outcomes for Australians.
The 'AI for Better Insurance: Enhancing Customer Outcomes amid Industry Challenges' report explores how AI can help insurers manage rising operational costs, natural disaster risks, and changing customer needs and expectations.
The report outlines seven key areas for advancing AI adoption in insurance:
- Delivering better insurance for all through AI-driven solutions
- Strengthening governance for responsible AI adoption
- Fostering collaboration and resilience across the industry
- Adopting AI strategically and proactively
- Building AI skills for a future-ready workforce
- Becoming a trusted partner through transparent AI
- Innovating insurance products to address emerging challenges
Read the full guide
- AI for better insurance: Enhancing customer outcomes amid industry challenges
- AI for better insurance: Enhancing customer outcomes amid industry challenges
AI adoption is occurring at a critical time for the insurance industry, as rising costs and evolving risks – including those related to climate change – have contributed to significant increases in insurance premiums and claims.
CSIRO, Australia's national science agency, and the Insurance Council of Australia (ICA) have prepared a report outlining how artificial intelligence (AI) can improve outcomes for Australians.
The 'AI for Better Insurance: Enhancing Customer Outcomes amid Industry Challenges' report explores how AI can help insurers manage rising operational costs, natural disaster risks, and changing customer needs and expectations.
The report outlines seven key areas for advancing AI adoption in insurance:
- Delivering better insurance for all through AI-driven solutions
- Strengthening governance for responsible AI adoption
- Fostering collaboration and resilience across the industry
- Adopting AI strategically and proactively
- Building AI skills for a future-ready workforce
- Becoming a trusted partner through transparent AI
- Innovating insurance products to address emerging challenges