Insurance companies increasingly relying on machine learning

More than half, 54 percent, of almost 200 insurance executives recently confirmed that their company was using machine learning for predictive analytical modeling. They confirmed it to analytics solutions firm Earnix, which used the information to release a report entitled Machine Learning -- Growing, Promising, Challenging. Of those that are deploying this new tech, almost three quarters (70 percent) say they were using it for risk modeling. Demand models and fraud detection were also mentioned. Earnix says this means machine learning will bring "significant change" to the industry in the next three to five years. Most companies have already realized measurable benefits,… [Continue Reading]