Summary
AI is altering the business landscape of insurance, facilitating the shift from “detect and repair” to “predict and prevent.” This will impact pricing, distribution, underwriting, and claims. But there’s currently a significant gap between insurers’ intentions and reality. To make the most of the opportunities enabled by AI, insurers need to improve the building blocks for implementing AI initiatives, such as correct ownership, sufficient knowledge and skills, data governance fundamentals, and even the proper use case selection. This report will assist insurance decision-makers in understanding the state of AI in insurance and plugging the gap between their intentions and reality.
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