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Healthcare is an increasingly complex sector of the global economy, and AI is playing an active role in the worldwide evolution of the industry throughout its many disciplines. In a Deloitte study released earlier this year, 85% of respondents among healthcare business leaders said their enterprise was increasing AI spend before 2023. 

UnitedHealth Group, Inc. (NYSE: UNH) is an American multinational managed healthcare and insurance company based in Minnetonka, Minnesota. It offers health care products and insurance services. UnitedHealth Group (UHG) is the world's eighth-largest company by revenue, the second-largest healthcare company behind CVS Health by revenue and the largest insurance company by net premiums. 

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The Allstate Corporation, or simply ‘Allstate,’ was founded by Sears, Roebuck & Co., then-president General Robert E. Wood in 1931. Auto liability insurance began as the company’s flagship product and remains so today. The company added various coverage types throughout the 50s and 60s, including commercial, health, life, and personal liability insurance. 

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.

The insurance industry is responsible for a multitude of sensitive financial data concerning both its customer base and staff. Any breach to an insurance company's CRM or other claims database could compromise the personal data of multiple people at once, which puts the company at risk as well.

Customer data is essential for insurance firms to stay competitive in the coming decade. Insurance companies at present have backlogs of data on past and existing customers in the form of policy agreements, applications, and claims forms. They’ve also collected millions of images showing car damage, property damage, and personal injuries.

There are many possibilities for automation in the healthcare industry outside of AI. Robotic process automation (RPA) technology can serve healthcare companies with various use cases involving data transfer and clinical documentation. Moving important information from the business’ frontend to their deeper business processes is among the most common use cases for RPA in healthcare, and many other solutions emerge from this idea. A similar phrase and field to RPA is called White Collar automation and readers can find a full interview on white collar automation in healthcare today here. 

The healthcare industry holds perhaps the most responsibility of any industry when it comes to ensuring data privacy. A breach in electronic medical records (EMRs) could tarnish a healthcare company's reputation, put undue stress on patients, and render the company in violation of regulations.

In recent years, the demand for greater cybersecurity has risen even among the everyday citizen. This is especially true for one’s personal and financial information, which fraudsters are constantly finding new methods of breaching accounts to find. This need for security has also risen in insurance, and numerous AI firms are selling claims fraud detection solutions to the insurance sector.