Investment in artificial intelligence has been growing at steady rate among insurers. Many property and casualty (P&C) and life carriers have been leveraging AI and machine learning to drive internal efficiencies, improve customer experience, and improve risk management.
According to the 2022 Gartner CIO and Technology Executive Survey, “Approximately 35% of insurers had deployed AI, and an additional 16% were planning to invest in AI in the next 12 months. However, COVID-19-related and other economic uncertainties have forced insurers to ensure AI implementations generate quantifiable business impact.”
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Gartner, “How Insurers Are Using AI to Generate Business Impact”, Kimberly Harris-Ferrante. 22 August 2022.