The ability to analyze countless datapoints almost instantaneously creates new and exciting ways forinsurers to assess situations and predict patterns that humanscould not do on their own. (ALM Media archives)
Artificial intelligence, commonly known as AI,has been perhaps the most "buzzed about" technology over the lastyear or two. With stunning applications ranging fromalways-on virtual assistants, to self-driving cars, androbo-advisors that manage entire investment portfolios, the futureof an AI-powered world is no longer just science fiction. It's areality that's making its presence felt across industries.
Like other emerging technologies, AI is expected to have atransformative effect on the insurance industry, and incredibleamounts of funding are already pouring in. Worldwide spending oncognitive and AI systems is expected to triple over the next three years, withtotal spending predicted to reach $77.6 billion in 2022.
Pressing questions
Amid the discussion about and funding for AI applications in the insurance industry,carriers, brokers, program administrators, MGAs and MGUs now needto answer the question: What exactly can AI do forinsurance? It's clear that the value of AI technology isin automation and in uncovering insights only accessible by usingadvanced computing power to process massive amounts of data.
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