The COVID-19 pandemic has caused upheaval in virtually every corner of the business world. However, the insurance industry -- particularly the P&C insurance sector -- has been among the hardest hit. With underwriting income dropping by 86 percent in the first three quarters of 2020, the P&C insurance space is facing an economic crunch of unprecedented proportions. And as a result, P&C insurers are embracing advanced technology to find ways to minimize their losses and optimize their premium impact so that they can buoy themselves during this incredibly challenging period. With that in mind, below are a few ways in which P&C insurers are using AI to help them manage the ongoing COVID-19 economic crisis and to position themselves for future success as well.

Innovative tech, AI and machine learning is changing the game. Insurance AI and Innovative Tech USA 2020 (May 12– 13, Chicago) is the only forum uniting senior insurance data and analytics, technology and business unit executives to explore strategies to achieve both efficient and seamless operations and turbocharged growth.

Focused and targeted agenda to fuel your AI plans – Gather with the brightest minds in insurance – from data and analytics C-level executives to core business leaders – and delve into the complexities of AI and machine learning. Don't get left behind in the race for next-generation analytics Exclusive Practical Case Studies Delivered by Insurance Leaders: From automation to customer-facing innovation, this is your opportunity to hear how insurers are deploying AI into core business areas, including underwriting and pricing, claims, and customer engagement, so you can walk away with the knowledge and tools you need to drive enterprise-wide AI Uniting pricing, marketing, analytics experts and more, with insurtech – Focusing on the core areas that are set to benefit most, plus representation from innovative start-ups, you'll get to rub shoulders with the people who are truly transforming our industry Guaranteed to deliver on learning and networking: The agenda was specifically designed to help you make the most of the 2-day summit. With 0ver 10 different interactive sessions and 8 hours of enhanced networking with Brella, can you afford to stay out of the AI revolution? Focused and targeted agenda to fuel your AI plans – Gather with the brightest minds in insurance – from data and analytics C-level executives to core business leaders – and delve into the complexities of AI and machine learning. Don't get left behind in the race for next-generation analytics Uniting pricing, marketing, analytics experts and more, with insurtech – Focusing on the core areas that are set to benefit most, plus representation from innovative start-ups, you'll get to rub shoulders with the people who are truly transforming our industry Guaranteed to deliver on learning and networking: The agenda was specifically designed to help you make the most of the 2-day summit.

LONDON, UK: Following the awards ceremony, heldat the Insurance AI and Analytics USA Summit, Chicago, the three winners of the Insurance Nexus AI Pioneers Awards have been announced. The awards were held to showcase and celebrate those companies and individuals who have made the most impact in insurance AI innovation over the past year, with entrants nominated, and voted for, by the industry. The volume of responses was outstanding, with 3,000 votes cast across the three categories. There were three categories of awards: Underwriting Application of the year (recognizes the most exceptional business case on underwriting over the past 12 months), Customer Experience Application (recognizes the most exceptional business case on customer experience over the past 12 months) and Claims Application (recognizes the most exceptional business case on claims over the past 12 months). 'We were thrilled with how the industry engaged with us on the AI Pioneers awards.

Insurance and technology are inextricably linked. The risks we seek to manage have always been connected to the tools we use. But, as Accenture's 2017 Technology Vision for Insurance points out, this relationship recently reached an inflection point. In the past, humans generally changed themselves to make use of new technologies--we learned to drive, we learned to type, we learned to code. But now modern technologies are sophisticated enough to adapt themselves to us.