continues . “ These technologies can help carriers streamline their processes , better meet customer expectations and get the most out of their talent . Insurance carriers that have adopted AI and ML are already seeing benefits , including more efficient processes , better customer targeting and improved fraud detection .
“ Most respondents agree that AI and ML will offer carriers a competitive advantage , define industry leaders , and are being used and invested in today . In addition , the majority of respondents recognise that the adoption of AI and ML applications is imperative for business success and that will continue to rapidly grow in importance over the next three years . However , respondents also said that it is important to be able to explain how AI and ML will be used in insurance decisions , otherwise AI and ML applications may be blocked or limited by regulatory and legal bodies .
“ Respondents have four main areas of concern around AI and ML — financial , staffing , data and compliance challenges . While none of these should prevent a carrier from starting or advancing their AI and ML initiatives , carriers should be cognizant of the nuanced challenges within each area and seek a partner that can help optimise the value of their AI and ML investments .”