AI technology can do wonders for the insurance industry – Should you be terrified?

AI Technology - Brain Think - Artificial Intelligence

Artificial intelligence tech is already being used for many purposes, but there are issues to consider. AI technology has been a central tech focus for the insurance industry for several years. The advantages it promises both currently and as we move into the future. However, these advantages aren’t without their drawbacks. Security and adoption remain considerable concerns, said a panel of experts at an I.I.I. event. At the recent Insurance Information Institute (I.I.I.) Joint Industry Forum which took place in New York, a panel of tech and insurance industry executives…

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Technology is becoming more important to the insurance industry

insurance industry technology idea innovation

Technology may direct the future of the insurance industry as a whole in the coming years Technology is beginning to play a very important role in the insurance industry. 2015 was the first year in which technology issues took up a significant degree of discourse within the industry. During the recent Property/Casualty Insurance Joint Industry Forum in New York, several insurance experts noted that change is coming quickly to the industry. Insurers will have to prepare to tackle challenges concerning technology in order to continue operating effectively. Volume of data…

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Technology is becoming a priority for the insurance industry

Insurance Technology investments

Survey highlights the growing interest insurers are showing in technology Technology may soon be receiving more attention from the insurance industry. A new survey conducted by Xchanging shows that the industry is beginning to better understand the importance of technology and how it can be used to connect with and serve consumers. The insurance industry is notoriously slow in embracing new technology, opting to hold to traditional engagement methods that have been in used for decades. As technology begins to play a more important role in the daily lives of…

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Big data is becoming a priority for the insurance industry

US Big Data insurance industry

Executives come together to highlight the importance of big data Insurance technology executives from AIG, Chubb, Travelers, and several other insurance organizations recently came together during a seminar in Philadelphia to highlight the importance of big data in data management. Big data has become quite important within the insurance industry, with executives suggesting that there is no other industry that can benefit more from the use of big data. During the seminar, executives suggested that prioritizing big data may be able to help insurers better manage the risks associated with…

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Big data may help root out insurance fraud

insurance fraud big data

Insurance companies are turning to big data in order to fight fraud Insurance fraud has been a problem that has plagued the insurance industry for years. As technology becomes more advanced, however, combating fraud may be becoming easier for insurers. Big data may serve as a powerful tool against fraudulent activity and could be used to help insurers determine whether a claim is real of fake. Insurers are beginning to use this data to identify behavioral patterns concerning claims in particular sectors. Big data can help highlight behavioral patterns that…

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