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Instant Insights / The insurance industry in 2020

The risks, trends and insights to keep top-of-mind in the new year.

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Our professional community should think of AI as a set of exciting tools (not a source of competition) to learn about, use and improve business processes. The insurance industry should think of AI as a set of exciting tools to learn about, use and improve business processes. (Photo: Shutterstock)

Artificial intelligence (AI) is changing the world. From game shows — where IBM Watson wins at Jeopardy — to medical advances and business decisions, the implications are staggering. Due to the highly quantifiable nature of insurance company operations, AI will have a transformative impact. While claims handling has traditionally taken a back seat in technology advancements compared to other insurance functions like actuarial, marketing and underwriting, this is starting to change.

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