Artificial intelligence is still in its infancy

 

Artificial intelligence is still in its infancy

In anticipation of future technological advancement, insurance firms are already experimenting with methods to integrate AI into their daily operations.

 

Breen: "AI is in its infancy." "We use computers for tedious, repetitive work, but we're not there yet." We're merely enhancing humanity."

 

That's a big difference, he remarked. Argo Group underwriters are managing portfolios instead of reviewing every application. Standard, predictable claims are handled by machine learning algorithms, while the human underwriter fine-tunes the process and makes higher-order decisions.

 

Pogreb predicts greater underwriting efficiencies. She expects machine learning to reduce the amount of applications an underwriter must process.

 

Pogreb said technology and machine learning can replace much human underwriting. The fraction of insurance applications requiring human touch will drop drastically, maybe to single digits.

 

AI adoption is crude, but it's already transforming the landscape. Wolanow suggests insurance firms explore AI to remain competitive.

 

“Companies may prepare and remain competitive by designing their own algorithms,” he added. In many circumstances, a stand-alone machine learning algorithm is more than enough.

Maryam Saeed Dogar

 

For more article, kindly read blogs by visiting at https://ihf12.blogspot.com

For more videos, kindly visit our two YouTube channels:

https://www.youtube.com/@imspakistan7268

https://www.youtube.com/@islamicfinance2538