Insurers Using AI to Standardize Contracts and Boost Efficiency

By Insurance Business

When COVID-19 first struck, insurance companies around the world had to scramble to figure out their exposure to the systemic socio-economic event. No one had a clear idea about the impact of the pandemic, and so the first problem they had to solve was to work out how many contracts in their portfolios could potentially pay out for pandemic-related claims. For large, incumbent insurers, doing that analysis on a broad portfolio of policies was a huge challenge due to the urgency of the task and the strict compliance requirements surrounding it.

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04 Jan 2021

Tagged in: AI, innovation, insurance, insurtech, technology

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