According to the International Data Corporation’s recent report, spending on artificial intelligence (AI) systems will reach $97.9 billion in 2023, with a 28.4% compound annual growth rate from 2018-2023. Insurance, in particular, is trending towards the aggressive adoption of AI, and more specifically, machine learning (ML) powered solutions. The National Association of Insurance Commissioners reported in March 2020 that the use of AI by insurers has grown exponentially over the past few years and that “the acceleration in AI is being driven by exceptional technological advances along with a major shift in customer expectations.”
An increasing reliance on the use of AI by the insurance industry has raised consumers’ expectations for more personalized insurance, cost-effective, and agile insurance offerings and rate delivery. How can this type of delivery be achieved?
By integrating advanced analytics systems and an insurance rating engine into business operations, insurance companies can offer more personalized product bundles in real-time. AI makes that possible. To capitalize on the power that AI can bring to their business, insurers must first assess how to best leverage those capabilities with their existing systems, determine what solution works best for them, and make the solution an integral component of end-to-end automated rate and product delivery.
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Earnix Blog > > How is AI Transforming the Insurance Industry
How is AI Transforming the Insurance Industry
Chief Executive Officer
26. January 2021
Über den Autor:
In 1991, Udi co-founded TopTier Software, an enterprise portal company and co-led it to a successful acquisition by SAP in 2001. Udi then became a General Manager at SAP, a global software company, where he was responsible for the SBS (Small Business Solutions) Global Business Unit and oversaw its very successful global expansion. Following SAP, Udi was President of NICE Systems’ Enterprise Group with responsibility for its $600M Customer Interaction business. Prior to joining Earnix, Udi was CEO of Pontis, a leading digital customer engagement company, and drove its significant growth resulting in its acquisition by Amdocs in 2016. Udi Ziv has 30 years of experience as a CEO, entrepreneur, and senior executive at the intersection of the financial services and technology sectors. As CEO at Earnix, Udi is focused on accelerating the company’s growth, enhancing the company’s line of products, and scaling its business operations out of its seven global hubs. Udi holds a degree in Computer Engineering from the Technion Israel Institute of Technology.