While many promises of disruption from insurtechs have fallen flat, now is the time to lean into digital transformation.TechnologyInsurance Industry
On the cusp of a potential economic downturn, organizations must continue to adopt advanced solutions that foster quantifiable ROI and impact. And while there is a focus on how artificial intelligence (AI) and automation are critical when functioning with fewer resources on hand (and rightfully so), there isn’t enough focus on explainable AI.
Explainable AI, or the ability to look inside the ‘black box’ of decision-making of an algorithm and understand the reasons behind its predictions, is pivotal to better understanding customers, detecting fraud and staying ahead of potential legislation that has ability to disrupt the industry.
Insurers are not alone in their struggle to obtain useful and unbiased data. Explainable AI paves the way for improving business outcomes and keeping companies accountable to new and emerging ethical standards.