Data has always been at the heart of the insurance industry. What has changed in our current reality to create massive disruption is the amount of data generated daily and the speed at which machines can process the info and uncover insights. We can no longer characterize the insurance industry as a sloth when it comes to innovation and technology. Artificial intelligence (AI) and machine learning are transforming the insurance industry in a number of ways.
Artificial Intelligence and Machine Learning Transforming the Insurance Industry
Although the concept and definition of artificial intelligence are still morphing as the technology matures, generally it is the idea of building machines that can think like humans. The term machine learning is used to describe the idea of teaching computers to learn in the same way humans do. It represents the leading edge of AI. Since insurance has always been data heavy, it is perfectly poised to be significantly impacted by AI. Here are just a few ways the insurance industry is being transformed.