InsurTech Strikes: How AI and Machine Learning Are Redefining the Insurance Industry

The insurance industry has operated with great consistency and clear processes for many years. People may not always like or agree with how things work, but nearly everyone from the consumer to the provider essentially goes with it -- no uprisings to drive change, no big shakeups. Seemingly all of a sudden, artificial intelligence (AI) is infiltrating the insurance industry, which may be a bit scary to those devoted to long-established practices. In reality, we are witnessing relatively quick developments and sparks of innovation, considering the overall life cycle of the insurance industry. And what AI offers -- now and promises to in the future -- is anything but scary.