Nicholas DeNittis

Athenahealth is a private healthcare company specializing in providing network-powered health services and point-of-care mobile apps. The company’s products and services are designed primarily to enhance patient care, improve operational efficiency and streamline administrative processes.

Takeda Pharmaceuticals is a 240-year-old, leading biopharmaceutical company headquartered in Tokyo, Japan, with a global hub in Cambridge, Massachusetts. The company has a global presence, operating in more than 80 countries across North America, Europe and Asia.

State Farm is a large insurance company headquartered in Bloomington, Illinois. Its main lines of business include property and casualty insurance, as well as auto insurance. The company is the leading auto and home insurer in the United States.

General Motors (GM) is an American multinational auto manufacturing company. For much of the 20th and 21st centuries, GM was the world’s largest motor vehicle manufacturer (since superseded by Toyota). The company produces a wide range of vehicle types, including cars, trucks, SUVs, and vans. Automotive brands owned by GM include Chevrolet, Buick, GMC, and Cadillac.

GlaxoSmithKline (GSK) is a multinational pharmaceutical company headquartered in Brentford, UK. The company operates in over 150 countries. GSK offers a wide range of pharmaceutical products, vaccines, and consumer healthcare products, including over-the-counter medications, oral care and nutritional products.

AXA is a multinational insurance company founded in France in 1816. AXA offers a range of individual and business insurance solutions in over 50 countries. Aside from insurance, AXA also has businesses specializing in investment management and other financial services. 

Retail has been undergoing a digital transformation for some time. Most of us have seen the gradual macroeconomic effects of this change, from the increasingly empty malls to the shuttering of once-prosperous brick-and-mortar stores.

Bosch is a German multinational technology and engineering company headquartered in Gerlingen, Germany. Bosch manufactures products across various industries, including aerospace, automotive, energy and utilities, healthcare and others.

Insurers have been long aware of the perfect storm of converging market trends pointing to the permanency of digital disruption and change. Yet, the industry – especially the big players – always seemed to move their collective house further away from the shoreline. 

DHL is a German logistics company that offers parcel delivery, express mail, freight forwarding, and third-party logistics. Its parent company is Deutsche Post (‘DPDHL’), the world’s largest logistics enterprise, operating in over 220 countries and employing more than 510,000 people worldwide. 

Like many other economic and industrial sectors, AI is beginning to transform operations across life sciences. In a 2021 survey of life science organizations published by the International Data Corporation (IDC), respondents cited a 65% average increase in AI spending in their organizations over the next year.

ExxonMobil is the largest investor-owned company in the world and the largest oil company by revenue in the Western world.

The en masse shift to online shopping that transpired during and post-COVID appears as if it's destined to last. According to the Brookings Institute, one third of US adults have used delivery apps to order from a restaurant or store in the last year. 

AI and machine learning are increasingly used across use cases throughout the insurance industry. Examples include automating underwriting, streamlining claims processing, improving customer service, and predicting customer risk.

‘Know Your Customer (KYC)’ compliance is what is commonly referred to by a legally-mandated, globally developed set of guidelines to ensure that banks, financial institutions (FIs), and other related enterprises perform due diligence on potential customers. The purpose is to verify customer identity as well as the legitimacy and risk involved with developing and maintaining a business relationship.

It is exceptionally difficult to get started, much less succeed, in AI adoption if one does not have at least a foundational education, particularly in those “modules” pertaining to AI capabilities, requirements, and organizational readiness. A business wanting to implement AI must understand the current state of adoption and how this current state matches up against AI readiness requirements.

Like other legacy and document-dominated sectors, insurance is experiencing a digital transformation with AI as the main driver. AI and machine learning are enhancing everyday insurance processes, including quote generation, claims processing, personalized policy recommendations, claims fraud detection and prevention, and various customer-facing tasks.

This article was initially written as part of a PDF report sponsored by Yseop and was written, edited, and published in alignment with our Emerj-sponsored content guidelines. Learn more about our thought leadership and content creation services on our Emerj Media Services page.

Around five years ago, the promise of chatbots and conversational interface (CI) vendors to significantly enhance operations and customer satisfaction led to a bubble in investment from financial institutions (FIs) and many observers — including us at Emerj — to slap vendors with the "hype" label.

The main difficulty in starting with AI is knowing exactly where to begin. As we will elaborate in this article, there are many exaggerated and misleading claims about the various types of AI technology. Moreover, some executives are too trigger-happy, wanting or needing to integrate AI into their enterprise sans a foundational education or understanding of the challenges.