Much like the broader financial services industry, insurance investment managers have approached artificial intelligence (AI) with caution. But, the benefits and dramatic transformation AI delivers can no longer be ignored. By providing increased agility and scalability to investment accounting and middle-office operations, variants of AI like machine learning (ML), intelligent automation (IA) and predictive analytics (PA) are being used by the most innovative insurers to streamline and automate a range of manual processes that tend to be error-prone and time-consuming.
Some of those firms have already begun to adopt AI to automate investment processes, and address talent shortages and increasing regulatory requirements. But wait—there’s more. Here’s how insurance investment managers can take AI—specifically predictive analytics—to the next level.