The Impact of AI on the future of Insurance

AI has only scratched the surface of the insurance industry. There are dozens of processes that could be greatly improved using AI, with the potential for more insurance providers to implement the technology across their businesses over time. Some of the applications that can benefit most from AI include pricing, claims handling and fraud detection. In the recent years, the insurance industry has started to implement AI and related tools into business practices. However, insurance companies have been much slower to adopt new technologies compared to some of the industries we mentioned above. But because the insurance industry is so multi-faceted, the possibilities of AI and machine learning are nearly endless.