Tag: machine

AI and machine learning are making insurance more predictable

Data helps the insurance company, the agency, and the customer make better predictions and choices.

Paper cut of insurance concept on green grass background. Car insurance, life insurance, home insurance to protection by umbrella.

Image: ChooChin, Getty Images/iStockphoto

More about artificial intelligence

Insurance is a data-driven industry. Data qualifies risk and is used to perform pricing on policies that mitigate that risk. During the process, different parties get involved.

Because insurance carriers want to sell products that cover the risks, they perform algorithms against large datasets that are capable of uncovering risks. 

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Agents want to better understand the needs of their customers and prospects. They want systems that enable them to punch in a name so they can query public and private data on a prospect—with the dual goals of understanding the risks that could be involved and understanding their customers better.

Finally, there are the insured customers: They want better products and claims processes.

“All of these

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