Like every other industry, data has also been the core of the insurance industry. Over the due course of time, what actually has changed is the amount of data and the speed at which machines are processing it for driving useful insights. Data-driven insights play a vital role in boosting this industry by making decisions based on facts, figures, and user patterns. Insurance providers adopt Artificial Intelligence (AI) & Machine Learning (ML) technologies to enhance the end-user experience, develop improved solutions for increasing operational efficiency, and build accurate underwriting models.
Defining Machine Learning
Machine Learning is an application of Artificial Intelligence technology that allows computer systems to deploy algorithms for learning and improving my experience. Such algorithms are used for building mathematical models which can be used as training data, allowing systems to make decisions & predictions.
AI & ML in Insurance Industry
AI and ML technologies make it easier for insurance providers to use the data at their desired pace and way. Many organizations in this industry have access to data that is usually structured and stored in databases. Driving insights out of unstructured data is becoming a major challenge for insurance providers. However, AI & ML technologies offer a lucrative opportunity to the insurance industry for gaining timely and actionable insights out of both- structured and unstructured data.