Can you think of any three companies more advertised for on television than GEICO, Allstate, and State Farm? They all claim to be saving their customers money with high-tech gadgets aimed at delivering fairer premiums. But these are ads, so what’s the real story behind the insurance industry’s relationship with the latest technologies, AI included?
The industry professionals shared their insights about the state of artificial intelligence in the insurance industry. Here’s what they said:
1. Ryan McMahon, Vice President of Insurance at Cambridge Mobile Telematics
“We are in the early days of AI-applied technology in the insurance industry. The most prevalent usage is within telematics, with the ability to combine mobile sensing with machine learning to understand and improve driving behavior. In addition, insurers are starting to use a variety of technologies, including Robot Process Automation for low-level tasks, and more advanced forms of machine learning for more complex challenges.”