When you apply for a policy or file a claim, artificial intelligence is likely at work in the background, helping your insurance company respond.
Many insurers already use AI to help assess risk, detect fraud, and process claims. Industry experts say that use will expand.
Eighty-eight percent of car insurance companies and 70% of home insurers reported that they use or plan to use or explore the use of AI, according to December 2022 and 2023 surveys, respectively, by a National Association of Insurance Commissioners working group on big data and AI.
Yet AI won’t take over the entire insurance enterprise, no matter how smart it gets.