AI and General Insurance. Overview of Artificial Intelligence in P&C Insurance
Like other businesses artificial intelligence also became a vital aspect of modern Insurance business Ecosystem. As an industry insurance seats on a gold mine of data, which have potential to generate well defined use cases for deriving actionable insights.
Today let’s briefly discuss about some of the key use cases for Property & casualty segment
Applications of AI in Property and Casualty Insurance
According to the Insurance Information Institute, fraud comprises about 10 percent of property-casualty insurance losses and loss adjustment expenses each year, the number is around $30 billion yearly. Predictive analysis and deep learning based applications are integrated to core claims systems to automate the fraud detection and investigation workflow.
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