By RAJEEV SHRIVASTAVA | December 1, 2021
While the term artificial intelligence might conjure up images of sci-fi movies for many, it’s quietly responsible for many practical functions in the insurance industry. Artificial Intelligence—otherwise known as AI—is defined as intelligence that utilizes machines, computers, and datasets to problem solve, as opposed to utilizing the natural intelligence displayed in humans or animals.
Companies are deploying AI to make precise decisions based on large volumes of data–often petabytes–at speeds that most humans can’t match. When optimized, AI can automate functions that help organizations make informed business decisions for competitive advantage which best serves their businesses and customers.
For example, popular apps like Google Maps or Waze are examples of AI, since they rely on machine learning to identify changes in traffic flow so they can recommend a route that avoids congestion. Similarly, the future of the insurance industry will utilize machine learning and advanced technologies to enhance productivity, adapt to customers’ needs, and ultimately optimize the customer experience.
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