When you think about robots and artificial intelligence (AI), it’s common to picture a futuristic, Jetsons-like era where machines handle of all the “dirty work” humans no longer have the time or desire to complete. However,
recent studies reveal that this concept might not be so far away from the present time. Throughout the country, robotics and AI are transforming various industries, blue- and white-collar alike.
AI and Small Businesses
The report from Brookings Institution mentioned above states that as AI begins to automate work processes, a quarter of U.S. jobs will be severely disrupted. Around 36 million Americans currently hold jobs that have a high exposure to automation, which means at least 70 percent of their tasks could soon be completed by robots or machines. The jobs most likely to be affected include those in the restaurant or food service industry, clerical positions and even short-haul truck drivers.
While this change won’t happen overnight, as a small business owner, it’s important to be prepared for what’s to come in the future. Many small businesses have already implemented AI practices within their organizations in various ways, from
using chatbots to improve customer experiences to utilizing CRM systems designed to compile and manage customer information across a variety of channels.
How Do Robots Benefit Small Businesses?
Larger corporations are already beginning to invest in automated workforces in the hopes of boosting productivity, saving on labor costs and improving overall operations within their organizations. And, new advances in robotics and AI will eventually impact – and benefit – mid- to small-sized businesses, too. For example, self-order and checkout kiosks are being installed in restaurants and retail establishments, computerized concierges at hotels allowing guests to serve themselves and autonomous vehicles potentially could replace short-haul delivery drivers.
Research also suggests that AI and robots can also
help small businesses continue to grow. Think about some of the mundane tasks small business owners are faced with on a daily basis, such as repetitive data entry or answering phones. Robots can automate monotonous tasks, while also reducing the margin for error and improving the quality of production. When robots take over these duties, owners have more time to be client-facing or working to gain more new business. As AI continues to evolve and costs associated with it decrease, small businesses will have more opportunities to utilize this cutting-edge technology, just like the larger players.
AI and the Impact on Commercial Insurance
In the
commercial insurance industry, artificial intelligence can help providers and their insureds in a few different ways, including:
Better assessing risks
Through the use of AI, providers can help identify some of the risks their insureds may face. Collecting data from a variety of independent sources, instead of relying solely on information provided by the insured, can help provide more of an accurate view of risks leading to quoting the right premium rate.
Identifying fraudulent claims
False claims lead to losses for a company. However, AI can help simplify the claim process, as well as use algorithms that can help identify suspicious information that could lead to fraudulent claims.
Planning for the future
Because of the complex algorithms AI is able to easily understand, predictions can be concluded from data that can help impact an organization’s bottom line, allowing them to accurately plan for the future.
Small Business Insurance Solutions from AmTrust Financial
AmTrust understands and supports small and mid-sized businesses across the country. We offer multiline insurance coverage, including
workers’ compensation,
BOP,
cyber liability and more. For more information about our
small business insurance solutions please
contact us today.
This material is for informational purposes only and is not legal or business advice. Neither AmTrust Financial Services, Inc. nor any of its subsidiaries or affiliates represents or warrants that the information contained herein is appropriate or suitable for any specific business or legal purpose. Readers seeking resolution of specific questions should consult their business and/or legal advisors. Coverages may vary by location. Contact with your local RSM for more information.