Society is entering the age of artificial intelligence. Significant players in every industry are implementing narrow artificial intelligence (NAI) to improve their business processes. As a consequence, no element of the global insurance business model will be untouched. Most insurance product lines will need to be reengineered to reflect the new risks arising out of the adoption and deployment of NAI, according to Pete Thomas, President of GC Genesis, Guy Carpenter, and Samantha Busenhart, Vice President, Distribution and Thought Leadership, Guy Carpenter. Insurers looking to take advantage of the opportunities that will result from the adoption of NAI or looking to mitigate the unintended risks associated with NAI will have to do research or partner with experts.

Society is entering the age of artificial intelligence.

An ability to adapt to machine and learning to a machine is Artificial Intelligence, as described in brief. But artificial intelligence is more than we know and perceived to be. There are 3 types of artificial intelligence. Let's look at the first type of AI and broaden our knowledge about narrow artificial intelligence: Artificial Intelligence proved that technology could imitate the human brain and actions. Narrow artificial Intelligence or narrow AI is a specific technology that it can imitate the human action to accomplish a task, which is narrowly defined.

From virtual assistants like Siri and Alexa, to recommendations from a music or movie streaming service, to self-driving cars, Artificial Intelligence is all around us. And yet, few technologies are as polarizing and misunderstood. The notion of Artificial Intelligence often generates either awe or fear in most people, but whether you believe it will save the world or enslave the world, the first thing you need to know is that there is more than one type of AI. General Artificial Intelligence (also known as "Artificial General Intelligence" or "AGI") is what most people are thinking of when they talk about AI: a computer that's as "smart" as a person--one that exhibits reason and common sense, makes decisions, perceives the world around it and can learn new things on its own. Such a system would require immense computational power that, when combined with advanced robotics, would be able to carry out any task a person could do, as well as many others we could not.

The idea of artificial intelligence is relatively familiar to many, but popular representations are actually misleading. In practice, there exist two different types of A.I. -- strong and narrow. Strong artificial intelligence mimics the human brain. The term is strictly a theory-- there has never been a real implementation of strong A.I.; nevertheless, strong A.I. is perhaps most commonly familiar due to popular entertainment. Master Chief's partner Cortana from the Halo video game series is one such representation -- a virtual, intelligent software with full ranges of human logicality, emotions, and self-consciousness.

General artificial intelligence attempts to solve this problem using a traditional vision of artificial intelligence. This solution is akin to the vision often depicted in fictional books and movies. Hard artificial intelligence solves the problem by creating a computer that thinks like a human. This solution is to create artificial intelligence that thinks and acts like a reasonable person under the circumstance by creating a machine with a general intelligence that is broadly applicable to whatever problem might be presented. Conceptually speaking, this is identical to how human intelligence works.