More than half of insurance firms around the world have implemented machine learning technology into their business. The claim comes from Earnix, a leading provider of analytics solutions for the financial services industry, who announced the results of a global survey of more 193 insurance executives today (May 31). Earnix said the survey shows wide adoption of Machine Learning (ML) across the globe, and the expectation that ML will bring "significant" change to the industry over the next 3-5 years. Results revealed that over half (54%) of the executives surveyed said that their organisation was using Machine Learning for predictive analytical modelling. Of those deploying the technology, 70% said they were using it for risk modelling, followed by demand models (45%) and fraud detection (36%).

Tel Aviv, Israel, Thursday 1 June 2017 – Earnix, a leading provider of analytics solutions for the financial services industry, today announced the results of a global survey of insurance executives, which shows wide adoption of Machine Learning across the globe, and the expectation that ML will bring "significant" change to the industry over the next 3-5 years. Over half (54%) of the almost 200 insurance executives surveyed said that their organization was using Machine Learning for predictive analytical modelling. Of those deploying the technology, 70% said they were using it for risk modelling; followed by demand models (45%) and fraud detection (36%). Although nascent, most companies using Machine Learning have realized measurable benefits. Over half of the respondents (57%) said that Machine Learning has made their analytical models far more accurate, which has led to better risk assessments, and ultimately better decisions.

Over half (54%) of the almost 200 insurance executives surveyed said that their organization was using Machine Learning for predictive analytical modelling. Of those deploying the technology, 70% said they were using it for risk modelling; followed by demand models (45%) and fraud detection (36%). Although nascent, most companies using Machine Learning have realized measurable benefits. Over half of the respondents (57%) said that Machine Learning has made their analytical models far more accurate, which has led to better risk assessments, and ultimately better decisions. The survey found that the main barrier to wider adoption is a lack of knowledge and expertise within organizations.