Artificial intelligence and Its future in the insurance industry

Artificial Intelligence And Its Future In The Insurance Industry. One of the technologies that are changing the business landscape today is Artificial Intelligence. Greater computing power and the refinement of algorithms make it possible to accelerate current processes exponentially. The insurance sector is starting to work with it at the same time as new techniques are appearing that will make great advances possible in the coming years.

So far we have witnessed the emergence of conversational chatbots for natural interactivity with the customer, the exploitation of data for fraud detection, the application of artificial vision for damage assessment, and so on and so forth.

For a more internal process such as document automation, some companies have experts in the application of different technologies to classify documents or extract data automatically. This has meant higher productivity, lower cost, and better control of data and regulatory compliance. However, AI is still alive with new developments it is working on with a view to being applied to the insurance environment.

Revolution

In the past, robotic platforms gave way to the application of neural networks allowing the machine to develop more and better learning. However, a technical expert still has to further develop and parameterize the algorithm. To this end, the new models based on Transformers, and the way they have outperformed all the recurrent neural network models that preceded them in solving sequence-sequence problems, have revolutionized language processing. That is, it is a much closer approximation of how our brains work. This will allow the elements to be understood in a contextualized way and the algorithm to be more autonomous and efficient.

On the other hand, Artificial Intelligence and Cloud Computing are binomial that make more and more sense. The implementation of these AI systems has been democratized to the point where it can be implemented with a basic PC. But the power, flexibility, guarantees, and security provided by the cloud are values that should not be overlooked in a demanding environment such as insurance.

Companies assure that today Artificial Intelligence is already highly productive, as demonstrated by multiple projects in the financial and insurance sector for almost a decade. But they are aware that it still has a long way to go with many positive surprises to give us.

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