Re/insurer Chubb, which retains substantial operations on Bermuda, has revealed a fascinating insight into the extent to which it believes leveraging technology could save it money.
The company said in a December 2018 investor presentation that it hopes the use of robotics and artificial intelligence (AI) will save it more than $350 million by year-end 2022 and $500 million by year-end 2023.
The insurer said its progress towards this is already significant. It already has 32 use cases for technology applications live today and is growing the around 100 “agile process teams” it has in place which are helping to reduce product development cycle times, the presentation said.
Chubb is looking to offer simpler small commercial and consumer products through digital distribution and is using AI and data reducing underwriting and claims questions to improve the customer experience.
The insurer is also taking advantage of Internet of Things (IoT) sensors to improve processes and has entered a partnership with Hartford Steam Boiler as part of this strategy.
Chubb, AI, Robotics, Technology, Innovation, North America, Global, Insurtech