No doubt the major insurtech players (and, of course, the hackers) have a good start on leveraging AI for their business challenges. This report covers some of the areas AI will impact in the short term.
“AI automation could make the claims filing, evaluation, and settlement processes more efficient. ‘Algorithms that use machine learning can examine claims data, spot irregularities, and highlight possibly fraudulent behavior,” says (Sharmeen Rehman, a cyber insurance evangelist at Blackfire Cyber Insurance). “This increases effectiveness, lowers expenses, and assures that policyholders’ requirements are met more quickly.’
Insurance companies could also use AI to examine claims data and better understand the connection between controls and loss. ‘[AI] will also theoretically help with the claims and bring down our loss ratio if we’re able to communicate the data to our clients,’ (Rachel Rossini, product manager, cyber and technology E&O at AXA XL) explains.”
Policyholders and cyber insurance companies must contend with changes being driven by artificial intelligence.
Source: 5 Pitfalls and Possibilities AI Brings to Cyber Insurance