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Insurers are using AI to provide better, faster and cheaper services to customers. Raj Shroff. Follow. Jun 30, 2019 · 7 min read. Artificial Intelligence (AI) has become a buzzword in the insurance industry.
Insurance is an industry that thrives on predictability. The more certain the outcome, the more insurance firms can be sure to offer fair rates and generate value for customers and shareholders alike.
As such, it’s an industry that has been slow to adopt new technologies and adapt to global change. Today, however, change is here, and more is on the way.
Global megatrends, from the imminent arrival of the self-driving car to accelerating climate change, threaten to disrupt the insurance sector in a way that’s never been seen before.
For players in the insurance space, knowledge and certainty represent security and survival, and those who fail to adapt risk being permanently consigned to the uncited Wikipedia subheadings of history.
To survive and thrive in the increasingly entropic age of the fourth industrial revolution, insurers are turning to cutting edge technologies like artificial intelligence (AI) and machine learning (ML) in order to better understand the world in which they operate and the risks that it poses to their customers.
New, technology-driven insurance firms – known as insurtechs – are able to be more agile than their legacy counterparts, allowing them to offer more value to their clients, and generate more value for their shareholders.