InsurTech Center

Three ways the insurance industry can adopt AI responsibly

Insurance companies that are able to rapidly adopt this technology in a responsible way will have the upper hand.

By Christophe Bourguignat | May 10, 2021 at 11:30 AM

Human involvement is essential in order for insurance carriers and vendors to get the most out of artificial intelligence. (Photo: THANANIT/Adobe Stock)

Like all modern businesses, the insurance industry’s continued adoption of artificial intelligence is now a key component for standing out and rising above competitors.

According to a recent survey published by KPMG, financial services is where the rate of AI adoption is the highest among all industries (+37% in one year). Using machine learning and natural language processing helps insurers in several ways, including policyholder needs discovery, sales management and underwriting automation.

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