So reports Venture Beat in a report on AI’s impact on cyber insurance, which also says the technology can dramatically accelerate risk assessments:
“Cyber insurers are also looking to AI to reduce the time and costs of real-time risk assessments that can cost between $10,000 to $50,000 per assessment and take between four to six weeks to complete. AI is also streamlining the underwriting process, reducing the typical workflow from weeks to days improving efficiency by up to 70%. Traditional claims processing costs an insurer an average of $15,000 per claim due to manual handling, which can take up to six months.
AI-based systems are cutting claim processing times by over 80%.”
We’re not sure the specific gains from AI mentioned in the article are supported by the links provided. But it appears that at least some of the hype about AI and cyber insurance is starting to bear out.
Other News: Cyber Security Insurance Industry Moves (Carefully) Toward AI (Opens in a new browser tab)