Boston, Massachusetts, March 6, 2017 – Strategy Meets Action (SMA), a leading insurance strategic advisory firm, has just released a new research report: AI/Machine Learning in Insurance: A Force to be Reckoned With. The report takes a fresh look at the broad field of artificial intelligence, focusing on the business value and use cases, current insurer strategies and plans (for P&C and L&A), and the tech firms with AI solutions that are relevant for insurance (both InsurTech and MatureTech firms). A glossary of AI related terms is also included. Findings in the report include:
Slightly more than a third of P&C and a third of L&A companies plan investments in AI related projects over the next three years.- Insurance executives believe that New Business/Underwriting is the business area with the top potential for AI (ranked #1 by both P&C and L&A).
- All categories of InsurTech have companies based on or significantly leveraging AI (including startup insurers, digital brokers, and new tech solutions startups).
“After decades of gradual progress, AI is now leaping ahead with lightning speed, driven by the convergence of two factors – machine learning and computing power,” said Mark Breading, SMA Partner and report author. “The potential for the insurance industry is vast, with opportunities to be found in every corner of the business.”
Insurers, InsurTech companies, solution providers, and media that are interested in learning more should contact Mark Breading at mbreading@strategymeetsaction.com or 614.562.8310.