AI in insurance. AI is poised to reimagine the entire insurance lifecycle and is already impacting many points in the customer journey, such as claims, underwriting and new business. (Photo: Shutterstock)

Scale, brand heritage and proprietary technology are the very things that are becoming hurdles for insurance innovation.

The insurance industry is rapidly undergoing a digital transformation, enabled by artificial intelligence (A)I technologies such as machine learning (ML), neural networks, natural language processing (NLP) and computer vision. This evolution will fundamentally change the insurance industry from its current state of “detect and repair” to “predict and prevent,” transforming every aspect of the industry in the process.

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