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Machine Learning Survey 2017
This first-of-a-kind survey uncovers how insurance executives understand how the industry leverages Machine Learning today and how they expect Machine Learning to impact the industry in the near future. More than 75% of the insurers that responded to our survey see the investment in Machine Learning growing in the near future. 65% of respondents believe that Machine Learning will bring substantial change to the insurance industry in the next 3-5 years, with pricing & product development being the function that will be altered the most. Survey responses were collected online from 193 insurance professionals from companies that provide personal lines coverage in countries around the world. This report includes a review of the survey findings accompanied by an Earnix expert analysis. Some of the key findings of the survey include:
- Machine Learning adoption is becoming a significant trend, used by 54% of all respondents and 60% of those from companies with over 5,000 employees.
- When asked about the top benefits realized by their organizations, as many as 57% of the respondents cited greater analytical accuracy as one of the top three benefits.
- The most significant promise and expected benefits of Machine Learning moving forward is in greater automation, productivity, and cost savings.
- Despite the growing adoption, the vast majority of respondents admit significant knowledge gaps when it comes to Machine Learning.
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