For many of us, artificial intelligence (AI) still seems like the stuff of science fiction, but in reality, we interact with AI everyday through devices like Amazon Echo and Google Home.
Machine learning is powering intelligent claims processes
Computer vision is driving more than just self-driving cars
Natural Language Processing Isn’t Just for Customer Service Anymore
Gartner named AI a top strategic trend for 2017, and according to a recent study by Accenture, 85 percent of insurance executives surveyed plan to invest significantly in artificial intelligence over the next three years.
The value of AI applications in insurance is clear—it supports human decision making in a multitude of ways that could streamline the claims process, reduce fraud, and result in the better all-around outcomes for both claimant and insurance company. The insurance industry itself is at an inflection point in terms of AI. There are so many AI-related technologies, they are all in different stages of development, and there are many things they can and can’t do—yet. The first step is to understand what each of these technologies is and where they have the potential to impact the claims process.
First, let’s cover the basics: artificial intelligence is a broadly used term to describe the concept of machines carrying out activities that would normally require human intelligence to do. There are many different technologies that are considered AI. In this article, the general managers of each of Mitchell’s business units break down a few of these technologies—computer vision, machine learning and natural language processing—and explain how they are beginning to be used in the P&C industry.