Artificial intelligence (AI) start-up investors are shifting their focus to accounting software, a traditionally subdued corner of business technology, as companies are getting prepared for a potential economic slowdown. Many investors are betting that inflation, huge interest rates, and recession distress will prompt companies to redouble efforts to track and control spending, increasing demand for AI tools. At the same time, investors say, many businesses are expected to hit a pause on spending in areas of IT with no instant impact on the bottom line. According to a Wall Street Journal report, discretionary spending such as proof-of-concept tests--which validate whether an emerging technology is ready for commercialization--could get pushed back, but businesses see more value than ever in tech that will enhance the customer experience and give them an edge in an increasingly tight market, executives and analysts said. Companies will spend on projects that have strong business value and continue to invest in digital transformations that have a robust business case.

Addressing roadblocks in machine learning adoption can help enterprises industrialize and scale AI, and ultimately embed it into businesses processes and new products and services. We are entering the golden age of machine learning (ML), with adoption increasing across all customer segments. Once considered peripheral, ML technology is becoming a core part of many business strategies around the world. From health care to manufacturing, fintech to media and entertainment, ML holds great promise for many industries. Driven by the wide availability of cloud-based computing power, storage capacity, and easy-to-use AI toolsets, the normalization of AI and ML continues at a rapid pace.

We recently had the opportunity to catch up with Attila Toth, CEO, zesty.ai, the Silver Winner of the 2019 Zurich Innovation World Championship, to discuss how Artificial Intelligence is impacting the Property & Casualty Insurance market across personal and commercial lines. Click the link to have a listen. You can also read the full transcript of the conversation below. With me today is Attila Toth, CEO of zesty.ai Today we have an interesting show planned for you where we're going to talk about the global insurance industry as it undergoes a digital transformation. As insurance companies find themselves trying to make sense of all these new technologies – artificial intelligence, natural language processing, machine learning, computer vision, – understanding the business case for each can be extremely confusing and daunting. With insurance companies being held to higher customer expectations, the time is now to embrace new technologies to leapfrog the competition. Being status quo is no longer an option. Technology is driving diversity across many industries – insurance included – as it reshapes the value chain. Age-old processes are being disrupted, while new market entrants and changing business models are bringing new threats, as well as opportunities for those who act on them. Some of the questions we'll cover today include: What is the value that AI is delivering to the insurance industry, and how are insurance providers reacting to these seismic changes?

For most organizations, artificial intelligence (AI) stirs a range of emotions, from optimism about increased business opportunities to confusion about its potential, to concerns about job displacement and potential bias. Yet, as indicated by a Forbes Insights survey of 700 C-level executives, despite these hesitations, AI presents many opportunities from greater product and service innovation to improved decision making. Presenting AI in terms that business leadership and the board will embrace requires elevating discussions above technical concepts and speaking to business benefits such as competitiveness, operational efficiency and revenue growth. For leaders looking to reap these benefits and advance AI within their firms, making a strong, solid business case around how AI will deliver is key, especially since the Forbes Insights research also shows that many leaders aren't entirely on board with AI just yet. While 45% say IT stakeholders express "extreme urgency" that AI be applied more widely within their firms, only 29% see that same sense of urgency among their C-suite (the percentage is even lower among boards of directors--10%).