Unlocking the business value of Artificial Intelligence in the insurance industry

On January 25th, 2017, sixty-eight years after it was published, George Orwell’s book Nineteen Eighty-Four became the number one best-selling book on Amazon. With its eerily accurate predictions about advanced technology becoming an integral part of everyday life, the book’s revived popularity only hints at the massive surge of excitement surrounding one specific subject: Artificial Intelligence (AI). The numbers tell the same story: deals to AI startups enabling computers to mimic human intelligence and decision behavior increased 4.6x, from 150 in 2012 to 698 in 20161. With a combined funding of USD 4.8B in 20162 and a projected overall spend of USD 47B by 20203, a world in which AI is prevalent is no longer mere fiction.

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