AI systems must be able to accommodate change — risk profiles are rapidly changing and major world events, such as the COVID-19 pandemic and the increase in frequency and velocity of storms, can lead to changes in consumer behavior. (Credit: issaronow/Adobe Stock)
The insurance industry is driven heavily by data. Even before the rise of widely available analytical tools, insurers relied on statistical analysis to assess risk and price policies accordingly. Now, with the exponentially increasing amount of data available, insurers are faced with a conundrum: More data means improved decision-making, but it also requires an investment in data integrity to ensure that this data is trusted.
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