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The ability to analyze countless data points almost instantaneously creates new and exciting ways for insurers to assess situations and predict patterns that humans could not do on their own. (ALM Media archives) The ability to analyze countless data points almost instantaneously creates new and exciting ways for insurers to assess situations and predict patterns that humans could not do on their own. (ALM Media archives)

Artificial intelligence, commonly known as AI, has been perhaps the most “buzzed about” technology over the last year or two.  With stunning applications ranging from always-on virtual assistants, to self-driving cars, and robo-advisors that manage entire investment portfolios, the future of an AI-powered world is no longer just science fiction. It’s a reality that’s making its presence felt across industries.

Like other emerging technologies, AI is expected to have a transformative effect on the insurance industry, and incredible amounts of funding are already pouring in. Worldwide spending on cognitive and AI systems is expected to triple over the next three years, with total spending predicted to reach $77.6 billion in 2022.

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