AI next big thing for insurers

An Insurance Nexus report has revealed that 76% of insurers believe Artificial Intelligence (AI) will be the next big thing to revolutionise insurance.

The Insurance AI, Analytics and GDPR Survey 2017 gathered the views of over 250 insurers which revealed that the majority have a keen eye on AI. Some 61% of respondents suggested they were currently investing in AI and machine learning with 71% of those declaring this spend was due to increase in 2018.

In terms of the impacts of AI, 83% believe that AI will transform their role with 14% adamant it wouldn’t and three per cent unsure.

Interestingly, when asked who was responsible for AI within your organisation – 32% responded no one whilst 30% suggested it was being looked at by each department individually.