How AI is transforming the insurance industry: from passive to active pricing policies.
Due to IoT, Chatbots and Machine Learning, the insurance industry is about to go through a huge transformation. IoT will generate huge amounts of data that allows insurance companies to actively respond to the behaviour of their clients. Insurance companies have can incorporate AI for several purposes to add value to the bottom line. These entail improving the current processes, optimizing revenue and data-driven strategic decision making.
Improving operational processes
Possible AI-powered Applications for the insurance industry
By 2030, AI will inform every major decision an insurance company makes.
The insurance sector has already invested $124 million in AI, compared to an average of $70 million invested by other industries.