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Artificial intelligence offers the insurance industry exciting new services, solutions and risks.

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AI in insurance: New opportunities come with new worries

Artificial intelligence is cutting-edge technology that may prove to be a two-edged sword.

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The transformations that AI offers to the insurance industry are understandably greeted with interest and enthusiasm.

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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