Machine Learning being used by over half of top insurers globally, new research shows Access AI

More than half of insurance firms around the world have implemented machine learning technology into their business. The claim comes from Earnix, a leading provider of analytics solutions for the financial services industry, who announced the results of a global survey of more 193 insurance executives today (May 31). Earnix said the survey shows wide adoption of Machine Learning (ML) across the globe, and the expectation that ML will bring "significant" change to the industry over the next 3-5 years. Results revealed that over half (54%) of the executives surveyed said that their organisation was using Machine Learning for predictive analytical modelling. Of those deploying the technology, 70% said they were using it for risk modelling, followed by demand models (45%) and fraud detection (36%).