More than two-thirds of insurance carriers will invest in predictive analytics and artificial intelligence over the next two years. Sixty percent of carriers will invest in automation, and more than half will invest in machine learning.
The insurance industry has long used data & analytics as part of their business models, going back centuries. However, Machine Learning or Artificial Intelligence (AI) represents a transformative sea change, with the power to redefine insurance.
Insurers have their say on the Internet of Things. The digital data revolution has created more opportunities for information collection and sharing, plus increased competition based on data-driven insights.