What does AI stand for in insurance?

Artificial intelligence (AI) can help insurers assess risk, detect fraud and reduce human error in the application process . The result is insurers who are better equipped to sell customers the plans most suited for them. Customers benefit from the streamlined service and claims processing that AI affords.

Insurance companies have a long history of using analytics, but the advent of artificial intelligence (AI) has taken this to a new level.

Machine learning (ML) is being applied to multiple aspects of insurance practice . Insurance is about risk. The insurance industry sets rates based on expected payouts so that, hopefully, they end up with positive revenue.2 Mar 2021

Insurers use machine learning to predict premiums and losses for their policies . Detecting risks early in the process enables insurers to make better use of underwriters’ time and gives them a huge competitive advantage.