The Integration of AI and Machine Learning in Transforming Underwriting and Risk Assessment Across Personal and Commercial Insurance Lines
Keywords:
AI, machine learning, underwriting, risk assessment, personal insurance, commercial insurance, automation, predictive analytics, data-driven decisions, fraud detection, claims processing, customer profiling, behavioral analysis, real-time data, telematics, NLP, image recognition, loss prediction, risk modeling, regulatory compliance, customized pricing, efficiencyAbstract
Drawing on recent advancements in machine learning and artificial intelligence, there is a unique opportunity to fundamentallychange how underwriting and risk assessment occurs across both personal and commercial insurance lines. Though thesecapabilities hold great promise for transforming the insurance industry and bringing long-term benefits to insurers and insureds alike, a broad range of ethical concerns may arise that need to be addressed before these technologies are deployed in practice.
References
Challa, S. R., Malempati, M., Sriram, H. K., & Dodda, A. (2024). Leveraging Artificial Intelligence for Secure and Efficient Payment Systems: Transforming Financial Transactions, Regulatory Compliance, and Wealth Optimization. Leveraging Artificial Intelligence for Secure andEfficient Payment Systems: Transforming Financial Transactions, Regulatory Compliance, and Wealth Optimization
(December 22, 2024).
