Technology in Insurance

A.I., Machine Learning Gaining Traction in Insurance

By Mark Breading

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Boston, MA (May 15, 2017) – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report, AI/Machine Learning in Insurance: A Force to be Reckoned With. The report takes a fresh look at the broad field of artificial intelligence, focusing on the business value and use cases, current insurer strategies and plans (for P&C and L&A), and the tech firms with AI solutions that are relevant for insurance (both InsurTech and MatureTech firms). A glossary of AI related terms is also included.

Findings in the report include:

  • Slightly more than a third of P&C and a third of L&A companies plan investments in AI related projects over the next three years.
  • Insurance executives believe that New Business/Underwriting is the business area with the top potential for AI (ranked #1 by both P&C and L&A).
  • All categories of InsurTech have companies based on or significantly leveraging AI (including startup insurers, digital brokers, and new tech solutions startups).

"There is a desperate need to change how insurers deal with fraud," said Karen Pauli, SMA Principal and report author. "Fraudsters are adapting to the digital world, and insurers have to be able to stay one step ahead or risk becoming the fraud target of choice."

Purchase the report: AI/Machine Learning in Insurance: A Force to be Reckoned With.

Insurers, InsurTech companies, solution providers, and media that are interested in learning more should contact Mark Breading at mbreading@strategymeetsaction.com or 614.562.8310.

Insurance Business Area Potential for AI - Strategy Meets Action research report

Insurance Business Area Potential for A.I. The figure above is an example of one of the five diagrams in the report. (Strategy Meets Action)

About SMA

Exclusively serving the insurance industry, Strategy Meets Action (SMA) is an advisory services firm offering retainers, research, consulting, events, and innovation offerings to both insurance companies and solution providers. Learn more about SMA at www.strategymeetsaction.com.

SOURCE: Strategy Meets Action (SMA)


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