November 20186CIOReview's circulation is audited and certified by BPA International (Audit Pending). Copyright © 2018 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.NOVEMBER - 19 - 2018Contact Us:Phone:510-683-5022Fax:510-894-8405Email:sales@insuranceciooutlook.comeditor@insuranceciooutlook.commarketing@insuranceciooutlook.comNovember - 19 - 2018, Vol 04 Issue 08 Published by ValleyMedia, Inc. To subscribe to Insurance CIO OutlookVisit www.InsuranceCIOOutlook.com Managing EditorPamela MorganSalesEditorial StaffAron PierceAkanksha MinzAva GarciaVisualizerJohn GouthamARTIFICIAL INTELLIGENCE SPECIALNick Masonnick@insuranceciooutlook.com*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffAlex D'SouzaJoshua ParkerSarah FernandesEditorialPamela MorganManaging Editoreditor@insuranceciooutlook.comTraditionally, the insurance industry has been very rigid when it comes to its processes, and they have refused to change. This is due to their risk-averse nature. Although everyone from customers to providers has been not particularly fond of the industry's processes, they have always chosen to go with the flow. However, like all other industrial sectors, it was only a matter of time before technology crept its way into the insurance industry to bring forth a transformation. Technologies such as blockchain, IoT, and AI have extended into the insurance industry and have taken the processes by storm. Of these, AI stands apart due to its potential to mimic the human mind's capabilities such as perception, reasoning, learning, and problem-solving, by leveraging deep learning techniques such as convolutional neural networks, recurrent neural networks, and so on. Solutions based on these techniques will aid in the processing of data streams that are generated by insurance products to enable the development of new product categories and customer engagement techniques with regards to changes in underlying shifts or behaviors in real time. The ones who stand to gain the maximum benefits are insurers who are prepared to ride this transformation wave. They need to augment their processes with intelligent frameworks and automation to unlock the potentials AI can deliver.Many Insurtech companies are starting to come up with solutions that leverage machine learning and AI to address the particular and nuanced needs of the insurance industry. These AI solutions aid in behavioral policy pricing, customer experience, and coverage personalization, faster and customized claims settlements, and more.The plethora of solutions that leverage AI to make the insurance experience more comprehensive for both insurers and insureds are expanding. These solutions can transform the customer experience for the insureds and help insurers come up with more effective insurance processes. Insurance CIO Outlook's current edition lists the top artificial intelligence solution providers in the insurance industry. This edition will prove helpful to the decision makers of organizations looking forward to associating with vendors who leverage AI in their solutions.Let us know your thoughts.Riding the Transformation Wave through AIPamela Morgan
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