AI is being applied to every aspect of the insurance product and delivery
Insurance, by artificially
By Blake Desaulniers
The howling gust of technology ripping through the insur- ance industry today shows no sign of abatement. Fintech, insurtech, call it what you will, gales of change like this can
capsize you if you have your sails set wrong.
Or, they can push you far ahead in double-quick time should you be wise enough, or
lucky enough, to catch the wind just right.
The term “artificial intelligence” has been
in use since 1956, when Dr. John McCarthy
organized the first conference on the subject
at Dartmouth College. McCarthy was an
American computer scientist and cognitive scientist, and one of the founders of
the discipline of artificial intelligence. Sixty
years after its conception, AI has begun to
find purchase in the soil of commerce. Its
branches, now stretching throughout the insurance industry, will certainly rise to greater
visibility in coming seasons.
It is, of course, reasonable to ask just what
defines AI. Where does robotic process auto-
mation end and AI begin? What sort of tasks
can AI handle or enhance? How can it best
find application in an industry dominated
by legacy methods and systems? How can AI
push existing insurtech to the next level?
The most important
technology of our era
is artificial intelligence,
learning – that is, the
machine’s ability to
keep improving its
humans having to
explain exactly how
to accomplish all
the tasks it’s given.
– Harvard Business Review