Today, more insurers are exploring the use of ML to drive strategic, automated applications in nearly every sector of the insurance industry. And with most insurers utilizing a mere 10-15% of their accessible data, there remains unlimited untapped potential for ML to improve processes across the insurance value chain. (Credit: Lee/stock.adobe.com) Today, more insurers are exploring the use of ML to drive strategic, automated applications in nearly every sector of the insurance industry. And with most insurers utilizing a mere 10-15% of their accessible data, there remains unlimited untapped potential for ML to improve processes across the insurance value chain. (Credit: Lee/stock.adobe.com)

One specific area of advanced technology being used extensively across the insurance value chain is machine learning (ML), which is helping insurance companies save time and money by improving operational efficiencies in areas such as fraud detection, claims management, quoting, billing and customer service. But what exactly is ML?

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