To be successful with AI, insurance executives should adopt the view that this technology serves as a key component within their overarching business strategy. (Photo: Shutterstock)
Artificial intelligence (AI) is hot. Funding for AI startups has steadily increased over the past decade as a host of innovative tech entrepreneurs have stepped forward to solve a broad range of business problems. In many respects, AI is a natural fit for the insurance industry. This business is a numbers game; it's about understanding correlation, predicting risk, and identifying trends and anomalies, so the current rush to adopt AI doesn't come as a surprise.
AI is indeed very powerful — but it's not magic. For years, tech visionaries and Hollywood screenwriters have offered us visions of a future in which machines exhibit human-like thought patterns combined with a virtually unlimited capacity to consume and digest new information. Digital assistants like Siri and Alexa have furthered those impressions, using natural language processing to understand human speech and respond to simple requests. This has reinforced the notion that artificial general intelligence (AGI) is already upon us.
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