Transforming The Insurance Industry With Big Data, Machine Learning And AI

The business of ensuring protection from financial loss and mitigating risk is as old as human civilization. The Code of Hammurabi, King of Babylon, written in 1750-1755 B.C., specified the first provisions of what we would now know as marine insurance. In the wake of the Great Fire of London of 1666, Sir Christopher Wrenn included provisions for an "Insurance Office" in his new plan for the City of London. Today, the global insurance market is estimated to be a $5,050.31 billion industry, comprised of leading commercial life insurance, property and casualty, and health and medical insurance carriers. It is against this backdrop that an emerging wave of "Insurtech" solutions companies are seeking to transform the business of insurance through the introduction of Big Data, Machine Learning, and AI capabilities.