Some senior insurance executives have a hard time understanding how a seemingly esoteric technology such as artificial intelligence (A.I.) could possibly be used by the insurance industry.This mental juxtaposition is ironic because the potential applications are manifold. And more importantly, the insurance industry was one of the first to widely adopt artificial intelligence technology in the form of expert underwriting systems.
Insurers are becoming more aggressive in their adoption of technology to control costs, increase overall efficiency and to focus on the customer. A.I. and its offspring-automated decisioning, business intelligence and data mining-have proved to be useful tools in a wide variety of industries as the technology has matured over the past several decades.
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