This article first discusses the basics of AI and explores its use in the insurance industry. insurers by $20 billion.” 8 Unsurprisingly, insurers are scrambling to invest in intelligent solutions. 4 Consider that 84 percent of businesses “believe investing in AI will lead to greater competitive advantages.” 5 Seventy-five percent of businesses “believe that AI will open up new businesses while also providing competitors new ways to gain access to their markets.” 6 Sixty-three percent of businesses “believe the pressure to reduce costs will require the use of AI.” 7 In fact, global management and consulting firm Accenture predicts that “investments in intelligent solutions could increase annual profitability for U.S.

Regardless of viewpoint, AI is having a profound impact, and no insurer wants to be left behind.