The three main areas that AI will have an impact on are the automation of insurance processes, better understanding of risks, and increased customer service. AI can process data and analyze it much faster than a human can, and it is able to gather data more data. This increases accuracy and cuts down an time and money spent on a project. In the future, it is expected that AI will be able to come up with situations and outcomes to a scenario, in order to assess the risk being taken. Today, AI is being used in vehicles to determine if a customer should be covered.
One of the main effects AI can have relates to customer service. AI would be available 24/7 and offer a positive experience because of its speed and ease of use. https://medium.com/@inmediatesg/how-strong-is-the-impact-of-artificial-intelligence-in-the-insurance-industry-34bd93ad47ac
LIS 4022 Spring 2020 