How insurers can win the race to AI maturity

Artificial intelligence has been around since the 1950s, but over the last several years the business potential of AI has expanded dramatically. We now live in a world where big data and powerful computational capabilities allow AI to flourish. Companies--including insurance carriers--are investing in establishing data lakes, optimizing for cloud-based operations and activating AI for targeted analytics. Insurers are seeing tangible results from their current AI initiatives. Our AI maturity research shows that carriers' share of cost savings generated through AI more than doubled between 2018 and 2021.