Artificial Intelligence -- There’s Nothing Fake About It

Artificial Intelligence (AI) has become ubiquitous in today’s corporate lexicon. And while much has been said, and written, about AI, the question still remains: what, exactly, is AI? Or, more aptly for this discussion, what about it will impact the insurance industry?

As to the former, there are no shortage of definitions of AI. Alan Turing (‘the father of computer science’) described it as ‘systems that act like humans.’

While many have built on that early definition, there is a simplicity about it that makes it easy to understand when trying to evaluate just how disruptive AI will be in the insurance industry. For our purposes, we’re going to further define the word ‘systems’ in Mr. Turing’s definition to mean both massively capable computers and the trove of data that they have access to.

As to the latter -- the impact that AI will have on the insurance industry -- we’ll stick with a word that we used earlier: disruptive. Whether good or bad remains to be seen, but AI, and more specifically, Generative AI, will undoubtedly revolutionize insurance operations, risk management, underwriting, and the customer/carrier experience more generally.