Why insurance CIOs should invest in AI, IoT and big data all at once

Insurance companies normally place artificial intelligence, the Internet of Things and big data into individual buckets. Yet, chief information officers should invest in all three at once, according to new research from Novarica, as they are equally dependent on each other for best results. In an executive brief, "Big data, IoT and AI Maturity levels," the consulting firm argues that while AI is the next stage of advanced analytics decision making, big data and IoT--in the form of sensors, drones and wearables--feed machine learning platforms the information needed to help insurers make smarter claims and underwriting decisions. "All three of these emerging technologies are tightly intertwined. In fact, it's difficult to recognize the future value of one without the others," said Jeff Goldberg, SVP of research and consulting at Novarica, the study's author.