“AI could save $390 billion in costs across insurers’ front, middle and back offices by 2030. This time horizon seems far off but insurance companies that have already implemented advanced analytical solutions are outperforming the competition today by 76%.”*
Data has been at the heart of the insurance industry since its beginnings. The explosion of data globally, along with exponential increases in computing power, is driving advances in artificial intelligence (AI). This in turn is creating unprecedented opportunities, especially for insurers where AI has already started to revolutionize the industry.
Popular insurance industry AI applications range from risk management, fraud detection and prevention, personalized offerings and customer churn (attrition) reduction to climate change impact prediction. On-demand and usage-based insurance (UBI) offerings will be driven by AI’s ability to aggregate disparate data sources and ultimately deliver more flexibility to customers.Read full article on Medium.com