AI, Machine Learning Increasingly Embraced by U.S. Carriers: LexisNexis - Carrier Management

Artificial intelligence and machine learning are increasingly embraced by U.S. carriers as they seek to remain competitive and modernize their operations, a new LexisNexis Risk Solutions study has found. Struggles remain, however, in terms of figuring out staffing and proper use of the technology to optimize its benefits. LexisNexis' look at how the top 100 U.S. carriers are using and benefiting from artificial intelligence and machine learning found a robust adoption of the technology and a strong belief in the benefits it will bring. Approximately 62 percent of respondents said they worked for insurance carriers that have already adopted artificial intelligence (AI) and machine learning (ML) initiatives. About 75 percent said they believe AI and ML can provide carriers with a competitive advantage through better decision-making.