Fulfilling AI’s Promise In Workers’ Comp

The term “artificial intelligence” (AI) is weaving its way into the mainstream of insurance companies of all sizes. It’s a hot topic: Consider that at the recent Dig | In event in Austin, Texas, at least half a dozen exhibitors classified themselves as “AI” or “AI/Fraud” companies.

For many smaller carriers, however, especially those in workers compensation, the notion of artificial intelligence—and the expectations related to its application, i.e., where it could provide the greatest value—can be overwhelming.

The improvements we’ve seen around risk calculation and pricing have, in some part, been fueled by data troves being sliced and diced to derive new ways of looking at risk, and enhance the data-driven insights that can be then integrated with other state-based rates.