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Insurance companies will spend on average $90 million on artificial-intelligence technologies by 2020. That would place insurers in 4th place behind telecos ($131 million), high tech ($119 million), and banking ($99 million) in AI spending by the end of the decade.
Geico, the U.S. insurer owned by Berkshire Hathaway Inc., uses a a virtual assistant for its mobile application called Kate, according to the Accenture report. Kate can answer basic questions like “What is the current balance on my auto insurance policy?” or “When is my next payment due?", the report showed. Lemonade Inc., an insurance startup in the U.S., has promised to “deliver instant online insurance by replacing brokers and bureaucracy with bots,” according to the Accenture report.
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