Artificial Intelligence: A Boon for Insurance Underwriting? JD Supra

The digitization of business is in high gear. Although some sectors have embraced this change, others, including the insurance industry, have been slower to implement advances. While we've previously addressed insurance coverage for artificial intelligence (AI) risks, the risk-averse culture of the insurance industry has been particularly resistant to change in its own business. However, as the buzz and perceived benefit around digitization, advanced analytics, machine learning and, specifically, AI continues to grow, many insurers are starting to take notice. Willis Tower Watson found that $728 million was invested into "insure tech" companies in the first quarter of 2018 across 66 transactions. Insure tech is generally regarded to include the emergence of new technologies that are transforming the insurance industry, including the technology that lies behind the creation, distribution and administration of insurance business.