AI and Insurance

Machine learning and Artificial Intelligence (AI) have been used by the insurance industry for more than a decade, yet this fast-moving technology is ever-changing, continually reshaping the form and function of the insurance process. Insurance companies use AI "to make their business more efficient," says Kathleen Birrane, Maryland Insurance Commissioner and the chair of innovation, cybersecurity, and technology committee at the National Association of Insurance Commissioners. "They use it in the underwriting process and in evaluating where the risk is in the claims process. There is no part of the process that doesn't use this technology." AI is simply the technology of computers simulating human reasoning by analyzing masses of historical data.