Artificial intelligence (AI) is revolutionizing the insurance industry, offering unprecedented efficiencies in underwriting, claims processing, and customer service.
Tag: AI and insurance
2024 Survey Reveals Crucial Ethical AI Adoption Challenges in Insurance Industry
In a groundbreaking exploration of AI in insurance, the 2024 Ethical AI in Insurance Consortium Survey has uncovered a critical juncture for insurers: while 80% of companies are either already using AI for business decisions or plan to do so within the year, they encounter substantial challenges pertaining to cost, data quality, and bias.
Best’s Commentary: Too Soon to Say If AI Is Leading Cause of Insurance Job Losses
In its Best’s Commentary, titled, “Recent Layoffs by Insurers Alone Do Not Signal Rating Pressure,” AM Best notes that even as hiring levels decline and layoffs appear to be rising across the insurance industry, it is too soon to cite AI as the leading cause of the job losses, at least at this nascent stage.
ReSource Pro Releases New Research Report on AI in P&C Commercial Lines
ReSource Pro has been tracking carriers’ plans with transformational technologies for over a decade, and our new research report focuses specifically on AI investments and strategies for commercial lines in 2024 and beyond.
How AI Is Impacting the Insurance Industry
Artificial Intelligence (AI) is changing how nearly all companies do business and significantly influencing the property and casualty insurance industry. From improving customer service to reducing operational costs, AI is helping insurers make their businesses more innovative and efficient. And while AI offers many benefits, there are challenges associated with implementing it into day-to-day processes… Continue reading How AI Is Impacting the Insurance Industry
How Will Artificial Intelligence Affect the Insurance Industry?
The Rising Popularity of Artificial Intelligence Artificial Intelligence (AI) is best known to most people as the antagonist of countless science fiction stories. But the future is now, and AI is fast becoming an effective way to do business. This does not mean that robots are handling the day-to-day work (at least not in the… Continue reading How Will Artificial Intelligence Affect the Insurance Industry?