As the insurance industry increasingly uses and relies on artificial intelligent (AI), it must also better understand the potential for bias and other challenges that can be introduced by such technology, and learn how to mitigate these, says Toby Harris from Travelers Europe.
The world looks different now compared to early 2020. The pandemic has heightened organizations' reliance on technology to complete tasks, as well as the challenges of attracting and retaining staff. It has called for new ways of working that are likely to become permanent for many.
Artificial intelligence (AI) is among the technologies playing a growing role in helping organizations operate. It can collect insights about a business, track customer patterns and make recommendations that, ideally, lead to better-informed actions.
Even before the COVID-19 pandemic, AI was being applied to a range of industries in an effort to reduce errors and lessen the need for human labor to complete tasks ranging from driving vehicles to performing surgery. It was also supporting less serious decision-making—helping marketers track the success of their campaigns, for example, or alerting retailers to potential fraud or problems with the customer journey.
Now, organizations are seeking out such AI-driven benefits not only to thrive but to survive. According to new research by Capital Economics that was commissioned by the UK government, business adoption of AI in the UK is expected to grow from 15.1 percent in 2020 to 22.7 percent in 2025. This equates to an additional 267,000 businesses adopting AI in their operations during that time. By 2040, the research predicts overall adoption of AI to reach 34.8 percent, with 1.3 million UK businesses using the technology.
Continue reading: https://www.intelligentinsurer.com/article/overcoming-bias-in-artificial-intelligence
The world looks different now compared to early 2020. The pandemic has heightened organizations' reliance on technology to complete tasks, as well as the challenges of attracting and retaining staff. It has called for new ways of working that are likely to become permanent for many.
Artificial intelligence (AI) is among the technologies playing a growing role in helping organizations operate. It can collect insights about a business, track customer patterns and make recommendations that, ideally, lead to better-informed actions.
Even before the COVID-19 pandemic, AI was being applied to a range of industries in an effort to reduce errors and lessen the need for human labor to complete tasks ranging from driving vehicles to performing surgery. It was also supporting less serious decision-making—helping marketers track the success of their campaigns, for example, or alerting retailers to potential fraud or problems with the customer journey.
Now, organizations are seeking out such AI-driven benefits not only to thrive but to survive. According to new research by Capital Economics that was commissioned by the UK government, business adoption of AI in the UK is expected to grow from 15.1 percent in 2020 to 22.7 percent in 2025. This equates to an additional 267,000 businesses adopting AI in their operations during that time. By 2040, the research predicts overall adoption of AI to reach 34.8 percent, with 1.3 million UK businesses using the technology.
Continue reading: https://www.intelligentinsurer.com/article/overcoming-bias-in-artificial-intelligence
