EFI Global

More Than Half Of Insurers Use Machine Learning In Analytics

 Thursday, June 1, 2017

 Digital Insurance

More than half of today’s insurance companies use machine learning for predictive analytics, according to a new report by Earnix, an analytics software provider for the financial services industry. Roughly 200 insurers were surveyed as part of Earnix’s global “Machine Learning: Growing, Promising, Challenging” study, and they were prompted to select all business areas applicable to them. In total, 70% deployed the technology for risk modeling, the study found. Other uses include the creation of demand models, which forecast market appetite for new products, at 45%. Fraud detection was the third-most popular application, used by 36%.
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