Artificial Intelligence - June 26 2019
There’s no question that AI in commercial insurance is having a moment. Under growing pressure to drive operational efficiencies, cut costs, write more premiums, and deliver a better customer experience, traditionally risk-adverse commercial insurers are embracing artificial intelligence with open arms and rushing to develop their AI capabilities.
The rapid evolution of AI solutions for insurance has caught many brokers and carriers flat-footed. Facing a global AI skills shortage and a lack of internal AI expertise and experience, insurers are turning to AI startups to fill the gap. According to Deloitte, 59 percent of companies get their AI through enterprise software vendors with specialized AI expertise. There is a growing recognition among commercial insurers that it is better to partner with AI startups than to be disrupted by them.