Insurers want to leverage AI in their operations, but they must have the right foundation to support it – and grasp the risks that such implementation presents
“Data is at the core of our business, as it defines the risks we underwrite, the premiums we charge and the claims we pay out,” says Joan Cusco, Global Head of Transformation at global insurer MAPFRE, who explains why insurers are stepping up the integration of artificial intelligence.
“We are one of the most intensive data-driven sectors in the world, and today data means AI. Smarter use of data – thanks to AI – allows us not only to boost the performance of our current business but to enter new risk areas that were unattainable in the past.”
In Part One of this feature we looked at the transformative power of AI solutions: how machine learning and natural language understanding can turbocharge marketing, underwriting and claims management. In Part Two, we examine the main challenges associated with actually integrating AI into insurance operations.