Approach to AI – lessons from the insurance sector

Charlotte Halford and Jade Kowalski of DAC Beachcroft LLP explain how the insurance sector has used AI, and provide practical tips to get your business ready in any sector.

Many organisations are currently grappling with the various challenges of implementing artificial intelligence (AI) within their business and, in particular, ensuring compliance with data privacy rules in the face of these technological developments.

For organisations in this position there are many lessons that can be learnt from the insurance sector. The use of AI in the insurance sector goes back many years, with the industry having been at the forefront of new technologies for several decades, and now in this new age of AI this trend is set to continue.

Insurance is particularly well suited to integrating AI into its products, with predictive modelling having been a fundamental part of the industry well before recent developments in machine learning. As computer power and availability increased, the capacity and availability of these models also increased, allowing analysis of large amounts of data in a short time. Most recently we have seen a shift from using purely historical data to the sector using real time data to make pricing decisions and offer usage-based insurance, all facilitated by advancements in machine learning.

Continue Reading

UK Report subscribers, please login to access the full article


If you wish to subscribe, please see our subscription information.