Analysis

How artificial intelligence will affect the P&C insurance industry
Artificial intelligence offers the insurance industry exciting new services, solutions and risks.
Artificial intelligent (AI) business solutions — or “cognitive systems” such as IBM’s Watson — absorb enormous volumes of data, extract meaning from that data in the form of correlations, inferences, and predictions, and proceed to “recommend” decisions on that basis.
AI innovations that leverage “big data” are increasingly found in every aspect of the insurance business — claims processing, fraud detection, risk management, marketing, underwriting, rate-setting and pricing.
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