It has been said that data is the new oil; I propose that data with artificial intelligence (AI) is the new electricity. With data entered and processed by a "machine" via AI, there is more accuracy and clarity. Let's look at how AI can powerfully affect the progress of any enterprise, such as insurance.

Utilizing business intelligence

Several years ago, using Business Objects as a business intelligence tool, we were able to drill down to what was causing damage to cargo consisting of electronic equipment consigned to China. Based on the data from Business Objects, we found the damage was caused by trucks not having air-ride suspension. The trigger was the consistently high number of occurrences involving land transit in China. Claims adjusters communicated with partners and identified the truckers transporting the cargo as the proximate cause of the damage. This is loss prevention using technology.