The impact of artificial intelligence (AI) in personal insurance is twofold.
Executive SummaryPwC's Dr. Anand Rao explains ExperienceBots, ClaimsBots and "no shoring" AdminBots—descriptive names for artificial intelligence applications like natural language processing and robotic process automation that can help personal lines insurers make faster and better decisions. (A related article, "Artificial Intelligence and Commercial Insurance," will be published in later in August.)
On the one hand, rapid advances that incorporate a number of AI aspects are occurring in partially autonomous and fully autonomous vehicles. This is fundamentally transforming the way we are likely to use cars and other vehicles in the future.
The second is the impact that AI is already having in the running of a personal lines carrier or business unit, which is our focus here. Below, we examine three critical elements of a personal insurance carrier—customer experience management, policy administration systems and claims management—to highlight specific ways in which AI can assist insurers in making faster and better decisions.
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