This is the first in a series of vlogs sharing insights from the A.M. Best webinar How Insurers Are Transforming Their Business Through Data, Artificial Intelligence (AI) and Machine Learning (ML).
Recently, industry experts from LexisNexis Risk Solutions joined A.M. Best for an informative webinar to examine what new technologies, such as AI and ML, mean for insurers and how they can take advantage of these technologies to gain a competitive edge.
In the video below, Patrick Sugent, Vice President of Analytics, sets the stage with an explanation of just what the industry means when it refers to AI and ML. As Patrick notes, different industries have put forth their own definitions, because there are different applications of AI and ML. For purposes of insurance underwriting, ML allows us to take vast amounts of data about people, vehicles and more, and use it for real-time decision making.
Coming soon! State of Artificial Intelligence and Machine Learning in Insurance Study
LexisNexis Risk Solutions recently commissioned a national study to help us understand the attitudes, usage, benefits and challenges associated with AI and ML in the insurance industry. The research included over 300 insurance professionals from the top 100 carriers in the auto, home, life and commercial markets. Sign up here to receive the final study!