AI, ML, and modeling, like other great technologies, serve to augment human knowledge and free people to use their time more effectively. (Photo: everything possible/Shutterstock) AI, ML, and modeling serve to augment human knowledge and free people to use their time more effectively. (Photo: everything possible/Shutterstock)

Thankfully, 2020 is behind us. No year in recent memory has been nearly as disruptive. This has caused many insurers to take stock of their business models and the processes that underpin them.

Many carriers are trying to reconcile how new ideas in artificial intelligence (AI) and machine learning (ML) can support their goals in tangible and beneficial ways. They realize that modernization is necessary but often don’t know when or how to start the process or what projects will achieve a positive return on investment (ROI). They also can’t strike the balance of where automation ends and human expertise begins.

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