General Insurance Article - Wide adoption of Machine Learning by global insurers

 Although nascent, most companies using Machine Learning have realized measurable benefits. Over half of the respondents (57%) said that Machine Learning has made their analytical models far more accurate, which has led to better risk assessments and ultimately better decisions.

 The survey found that the main barrier to wider adoption is a lack of knowledge and expertise within organisations. Eighty-two per cent say their organisation is relatively inexperienced with Machine Learning.

 According to Udi Ziv, CEO of Earnix: “The insurance industry has always been data-driven and the use of Machine Learning is a powerful trend that will quickly become a competitive edge for those who embrace it. Earnix was an early adopter of this technology and is working with its clients to integrate it into their analytics, enabling them to automate more of their processes and predict outcomes more accurately. The combination of advanced analytics with Machine Learning is truly an innovation with direct and measurable benefits.”

 The survey report, named “Machine Learning – Growing, Promising, Challenging,” is available on the Earnix website and can be downloaded at no charge here