The Data Standard
The COVID-19 pandemic has impacted every industry around the globe, but perhaps few as much as the property & casualty insurance industry. From an incredible increase in claims payouts to fears that the economic slowdown will result in customer loss, the industry is struggling to overcome multiple challenges while continuing to meet the current and future needs of its customers.
The insurance industry’s biggest and most valuable resource is the data that insurance companies have collected over the years on everything from weather risk to consumer behavior. Insurers had only just begun to incorporate artificial intelligence and machine learning (AI/ML) into processing this data before the pandemic erupted.
Now, new pressures are making it even harder for larger insurers to keep pace, and even more difficult for midsize and smaller insurers to adopt AI/ML technologies because of long development timelines and traditionally high investment requirements. As such, many of these companies are looking to innovative new technologies to help optimize their AI/ML investments and/or launch AI/ML programs with limited resources.