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The Impact of AI on Finance and Accounting in Insurance

CFOs and Controllers Need a Strategic Approach

Take a Practical Approach to Using AI

Futurists and software vendors have been pointing to a day when artificial intelligence (AI) using machine learning (ML) will help guide insurance organizations automatically on risk thresholds that require immediate intervention. Or make recommendations to policy holders on the best possible policy choices or resolution time for submitted claims. These innovations are becoming a reality today.

Accordingly, artificial intelligence will have an ever-increasing impact on finance and accounting in insurance organizations. It will increase individuals’ productivity, eliminate tedious repetitive work and enhance the quality of accounting and financial processes. Artificial intelligence will enable CFOs and controllers to change the nature of the work done in the department, giving those that adopt it the ability to hire and retain the very best talent. The practical adoption and application of AI requires finance executives in insurance industry to adopt a fast-follower approach. The finance IT function, which is increasingly prevalent, should have responsibility for managing this fast-follower strategy.


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