AI

Life insurers are embracing the use of machine learning (ML) and artificial intelligence (AI) models and techniques in all areas of their business. 
 

From voice assistants to personalized recommendations on streaming services, machine learning is a branch of artificial intelligence that many of us encounter daily and makes our lives easier.
 

In our first article we looked at some of the basic terminology used around the umbrella term artificial intelligence (AI). In our second we take a deeper dive into an area which we think has huge potential in underwriting and claims.

Post-human underwriting? In On the Risk, RGA's Dr. Dihui Lai discusses the current state of artificial intelligence and the potential for machine learning, optical character recognition and deep neural networks to augment, but not replace, traditional life underwriting tasks.

More and more often, algorithms mediate social processes, business transactions, governmental decisions, and how we perceive, understand, and interact among ourselves and with the environment. Gaps between the design and operation of algorithms and our understanding of their ethical implications can have severe consequences affecting individuals as well as groups and whole societies.

Perspectives magazine checked in with several BGAs, carriers and technology vendors to see how we sit on the learning curve, as well as discovering what lies ahead in technology to help you make the grade.

Some experts predict a boom in jobs meant to ensure that AI systems keep in step with legal and regulatory obligations, ethical responsibilities, and community standards.

Haven Life is leveraging MassMutual's historical data to give instant life insurance approvals. Using AI and machine learning to derive new value from old data could become an enterprise staple.

“Alexa, can you reorder toothpaste, get bottled water, and purchase a 20-year, $500,000 term life insurance policy?”

OK, we’re not there yet, but there has been a significant evolution in the application of artificial intelligence (AI) and machine learning within the life insurance industry.

Artificial intelligence (AI) is splashed throughout the headlines these days. AI recently beat the human Go champion, autonomous cars can drive themselves, social bots can mimic human interactions and converse with others in social networks, and AI totally manages some hedge funds.