Insurance and Machine Learning

Risk and Insurance are words that go in sync with each other- one cannot live without the other. The insurance industry has always been dependent on various factors, the most important being statistics to know their customer’s and the market demand. Machine Learning(ML) and Artificial Intelligence (AI) has brought in a lot change in the way Insurance strategies are now being structured.
Besides predicting risks, ML and AI have now helped the Insurance industry to monitor, analyze not just their own strategies at one given time period, but keep a constant look out for changes that affect their customers, thereby keeping their policies attractive and thus halting retention.
To get that competitive edge, Insurers need to engage with Machine Learning (ML) to improve not just their business strategies but also tailor the insurance purchases to customer’s unique needs to bring in customer satisfaction.Continue reading