Zurich embraces artificial intelligence

Zurich Insurance is introducing artificial intelligence to help decide personal injury claims. The insurance giant is rolling out the technology after processing time was cut from an hour to only seconds during a trial, according to a Reuters report. "We recently introduced AI claims handling … and saved 40,000 work hours, while speeding up the claim processing time to five seconds," Zurich chairman Tom de Swaan told Reuters. "We absolutely plan to expand the use of this type of AI." Big insurers are in a rush to jump on the bandwagon for AI and big data as tech-driven start-ups disrupt the market, according to Reuters. De Swaan said that Zurich would continue to increase the role of AI in claims handling.