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Embracing AI and ML. In order for the insurance industry to address their inefficiencies using AI and ML, its leaders must evolve their outlook. (Photo: Shutterstock)

A survey from IBM shows that 41% of respondents switched their insurer in the previous two years due to a slow reaction to their changing needs.

And yet, despite these departing customers, insurers have remained slow to embrace emerging tech like artificial intelligence (AI) and machine learning (ML). These tools cannot only help them better serve their users but also can allow them to operate more efficiently internally. With the wealth of data insurers have at their disposal, bringing in cognitive computing tools to make it actionable is an essential move.

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