Insurers are constantly striving to improve their operations, provide better experiences for customers, and minimize risks. Perficient insurance experts were interviewed for Forrester’s report, “The Top Emerging Technologies In Insurance, 2024,” and discussed technologies expected to emerge in the insurance industry over the next five years, considering them now, and in the short-term, medium-term, and long-term future.
Perficient’s Inclusion in Forrester’s Recent Report
Perficient, specializing in digital transformations, proudly acknowledges the thought leadership of Brian Bell and Monica Gernert quoted in Forrester’s report, “The Top Emerging Technologies In Insurance, 2024.” The report explores the potential of innovative technologies with “…particular emphasis on generative AI (Artificial Intelligence), as it not only delivers benefits now but also underpins technologies such as autonomous workplace assistants, embedded AI, and edge intelligence.”
Monica Gernert, a project manager, and insurance expert at Perficient, provided a critical perspective around genAI that’s quoted in the report. She underlines the necessity for insurers to establish a solid foundation comprising document digitization and a robust data fabric to ensure success with these technologies stating, “GenAI outcomes will only be as good as the data.”
Brian Bell, Perficient’s Insurance Principal, who was also quoted in the report, highlights the significance of another emerging technology: critical event intelligence. According to Forrester, critical event intelligence is defined as an “Intelligence that uses real-time data from sources such as social media, blogs, news feeds, online forums, IP addresses, latitude and longitude, and device GPS to assess potential threats from location-specific events, especially for physical risk.” Brian’s quote emphasizes the potential of critical event intelligence within the industry, stating, “This is where the rubber hits the road. This kind of intelligence proves the noble purpose of insurance.”
Addressing AI Bias in Insurance
While emerging technologies such as AI have undoubtedly brought numerous advancements to the insurance industry, it is essential to acknowledge that their broader adoption may also bring challenges, as highlighted by Forrester: “Bias, hallucinations, privacy, and security.” And, while AI itself doesn’t inherently produce bias, models trained on biased data can exacerbate certain prejudices in decision-making processes.
Traditional life insurance underwriting, typically relying on factors like age, gender, zip code, smoking status, and marital status, has already contributed to narrow risk definitions for insurers. Going forward, addressing bias at its root in data collection and promoting inclusive practices are imperative for ensuring equitable outcomes in the insurance sector.
Read More: Perficient to Lead Discussion on Bias in AI at ISITC Securities Operations Summit
Success in leveraging these technologies hinges on addressing current data gaps, establishing robust infrastructure, and fostering a culture of inclusion and education within the industry.
Learn more about Forrester’s perspective and gain a more comprehensive understanding of the current state of the industry by reading Forrester’s full report: The Top Emerging Technologies In Insurance, 2024.
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Our experts are committed to driving innovation and guiding insurers on their digital transformation journey, ensuring they are well-prepared to navigate the opportunities and challenges presented by technologies like genAI.
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