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Investing in AI. Insurance carriers can do more business faster and more accurately by incorporating AI. (Photo: Shutterstock)

Artificial intelligence (AI) is seemingly everywhere these days, so it’s not a surprise to see it among the latest insurance technology (InsurTech) trends. However, it’s not just a buzzword. AI is penetrating nearly every industry that utilizes digital solutions and is quickly becoming a “must-have” instead of a “nice-to-have” for property and casualty carriers.

It’s no wonder — AI is poised to have a tremendous impact on the insurance industry. According to research by Accenture, 75% of insurance executives plan to use AI to automate more tasks within the next three years. And, by investing in AI, the research estimates U.S. insurers could increase annual profitability by as much as $20.8 billion.

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