Artificial Intelligence, Banking & Insurance, Blog
26 June 2018

Why All Businesses Necessarily Have to Care about Digital Disruption

Embrace digital transformation with AI

Considering the rapid evolution of technologies like artificial intelligence, machine learning, internet of things and virtual reality, it’s no surprise that the phrase “digital disruption” is everywhere. Rather than a buzzword that has no real value, the impact of digital disruption is very real.

Why does digital disruption matter? Technology + culture

Digital technologies play a key role in a business’s ability to grow and deliver value to customers. Today’s business environment is characterized by mobile apps, IoT, wearable, analytics, social media, networked sensors and devices, cloud, natural interfaces, data-driven insights and cognitive computing… All of these applications have a major impact on customer habits and attitudes, which generate new expectations and encourage companies to renew and optimize processes.

But beyond customer experience, digital transformation impacts other critical functions such as corporate culture, leadership and competitive strategy that require a completely new way of thinking. Digital disruption is therefore a revolutionary change for people and culture, as well as for technology. As you can see in the graphic below, technologies like AI are an opportunity for innovation and reinvention driven directly from the C suite.

How artificial intelligence can drive digital transformation

Artificial intelligence can help companies embracing and accelerating digital transformation across different industries. Think about the massive volumes of data that we now have at our disposal: AI technologies have shown to be extremely effective in making intelligent use of this information, using it to handle repetitive tasks and automate driven-data functions (Robotic Process Automation, RPA) and to analyze information faster and with human-like accuracy.  This is confirmed by the fact that approximately one third of companies are investing in AI and that AI investments are expected to continue to increase.

Cogito, Expert System’s cognitive software based on AI algorithms, emulates the processes that humans use to comprehend words and text content. This ensures that business processes that depend on text can leverage AI to capture all of the information present in content.


The context of Insurance

Artificial Intelligence technologies are already revolutionizing entire sectors such as Insurance.

In insurance, AI offers real and tangible advantages for reducing costs, increasing efficiency in the claims and underwriting process and improving customer satisfaction.

Watch this video to learn more about digital transformation and the advantages of AI for insurance processes such as claims management automation and underwriting that require analysis and retrieval of increasing amounts of diverse information coming from different kinds of documents.

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