With big data and new data sources, such as social media, Internet of Things (IoT), telematics, web logs, video and images, and clickstreams, the opportunity to apply artificial intelligence has never been greater across areas of insurance operation.Īmerican Family has partnered with UW through the American Family Insurance Data Science Institute (DSI) to offer this unique opportunity. Some of the applications of AI in insurance include: claims management, retention analysis, customer experience enhancement, risk analysis, fraud mitigation, policy pricing, and customer acquisition. An industry that has been traditionally led by predictive analytics and risk assessment is moving to a whole new level of accuracy and customer experience through AI. Artificial intelligence (AI) and data science are becoming a core component of the insurance industry, motivated by the increasing availability of data, including masses of unstructured data, scalable cloud computing, exponential growth in computing power, new modeling tools, and the ongoing drive for operational efficiency and cost reduction.
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