The idea of artificial intelligence (AI), machine learning (ML), and deep learning (DL) may fascinate consumers who enjoy talking to their digital assistant while admiring a Nest® thermostat. But for the insurance industry, these terms are business-changers that affect products and services offered and interactions with consumers and other industry partners.
The definitions of these terms may be a bit confusing to the uninitiated (see sidebar). But at CCC Information Services, Inc., these technologies come into play every day as we help insurance companies, collision repairers, OEMs, and consumers make sense and use of the vast amounts of data becoming available through connected cars and technologies.
Already, telematics data is moving us toward usage-based insurance models and has changed the way consumers interact with their vehicles and the way insurers can engage with policyholders. And, deep learning models will revolutionize our decision-making ability and the way claims are processed and paid.
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