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The insurance industry is being disrupted like it hasn't in decades. Unlike other events like Hurricane Sandy or even the 2008 financial crisis, the coronavirus is impacting essentially every corner of the world and more or less every industry.

Several key insurance carriers began to experiment with AI in the last decade, including Progressive, All-State, and State Farm. Although not as large as the banking and retail industries, the AI vendor landscape in insurance is growing.

In the past, we’ve explored the need for insurance companies to adapt to millennial buying preferences through customized policy offerings and a more personalized customer experience. AI could help to these ends, but how could insurance carriers reach this point of AI transformation?

Robotic process automation, or RPA, has dominated much of the automation conversation in the insurance industry for several years. RPA is able to capture manual steps that employees take to log into software, search documents, and enter data and replicate them.

Insurers are looking to leverage all of the digital customer data that is now available to them, including one new data source that some of the largest insurance enterprises claim are actively collecting: real-time data streams from the Internet of Things (IoT).