AI insurance technology appeals to execs but not underwriters

Insurance technology - Insurance AI

The industry – like many others – is looking at artificial intelligence and machine learning While the industry is very aware of new insurance technology such as artificial intelligence and machine learning to improve, not everyone is ready to take it on as a part of their workday. Execs are more enthusiastic about AI than underwriters Executives see the potential in the benefits of insurance technology that includes artificial intelligence and machine learning when introduced into workflows. That said, less than half (43 percent) of underwriters have the same opinion…

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Insurance industry is suffering from the impact of climate change

Insurance Industry - Climate Change loss

According to a new Capgemini report, only about 8 percent of insurers are adequately preparing. Climate change has been causing harm to the insurance industry, but only about 8 percent of insurers are adequately preparing for the impact of its risks, according to a report published by Capgemini consultants and the Efma industry body. Losses from natural disasters have exploded by 250 percent over the last three decades. The report stated that over the last thirty years, insured natural catastrophe losses have risen by a tremendous 250 percent. Severe storms…

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