Artificial Intelligence - April 17 2019
To say that there’s a lot of hype around artificial intelligence in commercial insurance right now is a massive understatement. Almost every day, a new AI start-up or Insurtech venture bursts onto the scene, promising to revolutionize how commercial insurance works and cure all its chronic ailments.
After many years of lagging behind personal lines in insurtech investments, commercial insurance carriers and brokers aren’t just jumping on the AI bandwagon; they’re taking the reins and steering the industry toward an AI-enabled future where human and digital employees work together side by side.
According to a study by Accenture, 67% of insurance executives agree that adopting AI will be critical to their organization’s ability to differentiate in the market*. And Gartner has predicted that by 2021 AI augmentation will generate $2.9 trillion in business value and recover 6.2 billion hours of worker productivity**.