The ability to analyze countless data points almost instantaneously creates new and exciting ways for insurers to assess situations and predict patterns that humans could not do on their own. (ALM Media archives)
Artificial intelligence, commonly known as AI, has been perhaps the most "buzzed about" technology over the last year or two. With stunning applications ranging from always-on virtual assistants, to self-driving cars, and robo-advisors that manage entire investment portfolios, the future of an AI-powered world is no longer just science fiction. It's a reality that's making its presence felt across industries.
Like other emerging technologies, AI is expected to have a transformative effect on the insurance industry, and incredible amounts of funding are already pouring in. Worldwide spending on cognitive and AI systems is expected to triple over the next three years, with total spending predicted to reach $77.6 billion in 2022.
|Pressing questions
Amid the discussion about and funding for AI applications in the insurance industry, carriers, brokers, program administrators, MGAs and MGUs now need to answer the question: What exactly can AI do for insurance? It's clear that the value of AI technology is in automation and in uncovering insights only accessible by using advanced computing power to process massive amounts of data.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
