Artificial intelligence (AI) will profoundly change the industry in the next three years, according to 57% of Australian insurance executives polled in Accenture’s latest Technology Vision for Insurance report.

About 78.4% believe AI will revolutionise ways of interacting with and gaining information from customers, and 57% expect better data analysis and insight from AI-embedded user interfaces.

More than 80% of Australian insurers have already deployed AI-powered virtual assistants in their business or in specific areas to improve customer interactions.

“The adoption of artificial intelligence is gaining momentum within insurance, with executives pointing to AI’s potential to revolutionise the customer experience and empower agents, brokers and employees,” Accenture Asia-Pacific MD of Insurance Practice Ravi Malhotra said.

“Our research shows insurers are investing in AI technologies to, among other things, improve customer interactions based on written and spoken interactions, gestures, interactive touch displays and hybrid mixed-reality platforms that merge the virtual and the real world, with each customer exchange becoming increasingly personalised.”

The global survey shows digital technology is reshaping the sector at a growing pace.

AI and other digital technologies have allowed insurers to redefine their roles and help drive the next wave of evolution in society.

“Insurers are not just creating new products and services, they’re shaping new digital industries,” Accenture said.

“From technology standards, to ethical norms, to government mandates, in an ecosystem-driven digital economy, one thing is clear: a wide scope of rules still needs to be defined.

“To fulfil their digital ambitions, insurers must help shape the new rules of the game.”