General Insurance Article - Demystifying Artificial Intelligence

 In 2018, Aon is taking a new approach to its distribution, by publishing articles throughout the year under the banner of Global Insurance Market Opportunities, rather than launching the single, comprehensive report. In doing so, we aim to increase its utilization, bring our ideas to market as fast as possible to support further development with our re/insurance client partners, and make it easier for GIMO readers to digest the wealth of content generated annually. 

 In line with this new approach, we have launched the second article in the 2018 GIMO series, Demystifying Artificial Intelligence, written by Paul Eaton, a Managing Director in the Analytics division of Aon’s Reinsurance Solutions business. Paul’s article highlights three steps to act on artificial intelligence’s transformational potential: define AI to understand what it actually is, separate the technologies from the hype, and develop a practical understanding of what is required to implement AI-powered solutions in the insurance sector. The article states that carriers’ success with AI requires three ingredients – data, infrastructure, and talent.

 According to Paul, while AI definitions can be somewhat vague and the hype can be difficult to look past, the impacts are already being felt in the form of chatbots, image processing, and behavioural prediction algorithms. The article also discusses how carriers can best take advantage of AI opportunities and solutions.

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