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The LexisNexis Risk Solutions study found that early adopters of artificial intelligence and machine learning are already seeing significant benefits such as faster claims settlement (88%), more targeted cross and upselling (88%), improved fraud detection (87%), and better risk scoring (85%). (Credit: MY stock/Shutterstock) The LexisNexis Risk Solutions study found that early adopters of artificial intelligence and machine learning are already seeing significant benefits such as faster claims settlement (88%), more targeted cross and upselling (88%), improved fraud detection (87%), and better risk scoring (85%). (Credit: MY stock/Shutterstock)

In less than a month, 2019 will come to an end and the start of a new decade will begin. The last 10 years have profoundly changed the insurance industry, particularly by way of advances in technology. Whether it was blockchain, aerial imagery, artificial intelligence (AI), machine learning (ML) or chatbots, the industry has come to embrace advances in technology — if only just to avoid falling behind to a competitor.

However, many have truly embraced the change and are investing in the capabilities that will help them thrive in an increasingly fast-paced, data-driven marketplace. Two of the key capabilities for insurance carriers are AI and ML. But the underlying question with new technology is often whether it’s just hype or the real deal.

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Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected]

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