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Artificial intelligence at work. Today’s technologies are characterized as Artificial Narrow Intelligence, which means it can match or exceed the capabilities of a person in a specific task. (Photo: Shutterstock)

There has been a lot of hyperbole about the impact artificial intelligence will have on the insurance industry over the next decade. Is AI a panacea for all the ills of a slow, paper-based system rife with inaccuracies, inefficiencies and inconsistencies? Are we looking forward to a future of automated applications, interconnected devices and an AI-controlled claims cycle?

McKinsey’s report “Insurance 2030— The impact of AI on the future of insurance” paints the picture of a future where “insurance will shift from its current state of detect and repair to predict and prevent.”

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