AI is a technological breakthrough which brings in both enormous benefits and significant challenges where on one side it can help insurers with better risk assessment and personalised pricing and automate claims processing on the positive end to a higher risk of fraud given the rise of ‘Deepfake’ to concerns around liability around the decisions taken by AI.
As stated by the Insurance Times “A significant and ever-increasing proportion of CEOs in the UK are considering the adoption of AIs with many in the process of identifying use cases and creating a data first strategy to ensure seamless adoption of AI.”
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