DigIn's virtual AI Summit 2023 Takeaways

As the realms of artificial intelligence (AI), machine learning and data science continue to gain momentum, insurance companies are harnessing their capabilities to thrive in an increasingly competitive digital landscape. The emergence of insurtechs has increased pressure on traditional insurers to further explore AI solutions that not only improve risk management, but also drive revenue growth and streamline operations. 

Digital Insurance held the virtual DIGIN AI Summit 2023 on Oct. 24 to explore critical AI insights from industry leaders and experts, providing real-world insurance use cases including customer retention and acquisition, improved customer service solutions and innovative product development.

Digital Insurance is also hosting its Women in Insurance Leadership conference on Nov. 14, 2023 in Chicago, IL, that will include keynotes, round-table discussions and networking opportunities with some of the insurance industry’s top women leaders in digital transformation.

The AI Summit’s sessions revealed that insurance is ripe for digital transformation, and that AI and machine learning technologies are steering the industry in a new era. As insurtech pressure is driving insurance companies to embrace AI for risk management and operational efficiency, carriers must learn to navigate the new opportunities, and challenges, that innovative technology adoption brings. 

The panelists emphasized the importance of robust data strategy and ethical considerations in AI implementation. In addition, they explored the industry’s progress in technology adoption, recognizing the vast potential for innovation, particularly in claims, underwriting and sales. According to the experts, ethical responsibility and technological advancements that streamline key processes are critical in shaping the industry’s future. Below are some of the sessions’ highlights and key takeaways.