As insurers seek the enormous business benefits of dynamic pricing, personalization, and real-time risk assessment, they inevitably turn to artificial intelligence (AI) as their “go-to” technology.

Today there’s a new opportunity to take advantage of new innovations and capabilities in the insurance industry. AI now plays a crucial role in insurance analytics due to its ability to process vast amounts of data, identify patterns, make predictions, and automate tasks.

Human-centric AI is a complex concept that includes sub-topics such as human controls, transparency, fairness, explainability, inclusiveness, education, and other related ideas. Above all else, human-centric AI recognizes that people are critical in its design, operation, and use of  technology that reinforces and even improves employees’ abilities – and doesn’t look to replace them.

In the quest to be agile, insurers need the ability to experiment and innovate with machine learning models in a mode that gives them maximum flexibility. Earnix Model Accelerator extends the capabilities of the Earnix platform, and is designed to streamline the process of building and incorporating advanced models,.

Insurers are no strangers to discussions of the application of AI to their businesses. AI in its various forms has found its way into the mainstream of nearly every aspect of the insurance sector, including risk assessment, pricing, rating, and underwriting. While early adopters gravitated to AI due to the lure of new technology, the vast majority of carriers are in search of solid business reasons for its application. AI pricing models top that list.

Manual underwriting can be a complex and time-consuming process that inevitably increases operational costs. Without addressing these challenges and implementing new innovations, your underwriting processes can become a bottleneck, preventing you from making fast, informed decisions to stay current with changing market conditions and generate higher revenues and profits. 

In the rapidly evolving world of ML and AI, the power of predictive analytics is undeniable. Yet as we harness this new power, we must also navigate the complex landscape of fairness and ethics. We must also do all we can to create equal opportunities and outcomes across different groups of individuals, regardless of their race, gender, age, or other sensitive attributes.