How widely artificial intelligence (AI) is used in the insurance industry

Almost all insurance companies use AI to some extent. Accounting systems are often built on the basis of IT solutions from SAP, the most popular is the SAP S4 / HANA system with built-in machine learning / AI functions. The use of such technologies by Western insurers is a necessity, because in order to prepare reports in accordance with international IFRS standards, their systems must be able to process huge amounts of data in a short time, or even better - “on the fly”; at the same time, it is desirable to minimize human error.

AI has made insurance faster, better, and smarter. How?

The insurance industry, as old as the world, has long resisted the changes imposed by the development of artificial intelligence. Its long-standing business models and legacy environment have not been updated for decades.

Compared to related industries that have successfully moved towards digital transformation, insurance services have often fallen short of modern customer tastes. Still. To prevent a worsening of the situation, insurers began to rush to apply artificial intelligence technology https://data-science-ua.com/industri...n-agriculture/ which led to major changes in the insurance industry.