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As AI, big data, and the internet of things (IoT) find their way into every aspect of our lives, many industries are undergoing a transformation. “Insurance executives believe that artificial intelligence (AI) will significantly transform their industry in the next three years, with insurers investing in AI to empower agents, brokers and employees to enhance the customer experience with automated personalized services, faster claims handling and individual risk-based underwriting processes,” consulting firm Accenture forecasted in 2017.
Three years later, AI algorithms have made great inroads in different sectors of the insurance industry and are lowering costs while driving efficiency and improving the customer experience. Slowly but surely, the industry is transforming. There are some kinks that need to be ironed out, but for the most part, the changes have been for the better, and there’s more down the road.
Here are three areas worth watching:
( Source) https://thenextweb.com/growth-quarters/2020/02/24/3-ways-ai-is-transforming-the-insurance-industry/
