ARTICLE
24 January 2019

Does This Make Sense To You? AI In The Insurance Industry??

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Foley & Lardner

Contributor

Foley & Lardner LLP looks beyond the law to focus on the constantly evolving demands facing our clients and their industries. With over 1,100 lawyers in 24 offices across the United States, Mexico, Europe and Asia, Foley approaches client service by first understanding our clients’ priorities, objectives and challenges. We work hard to understand our clients’ issues and forge long-term relationships with them to help achieve successful outcomes and solve their legal issues through practical business advice and cutting-edge legal insight. Our clients view us as trusted business advisors because we understand that great legal service is only valuable if it is relevant, practical and beneficial to their businesses.
Businessinsurance.com reported that "Artificial intelligence and other technologies hold great promise for the insurance industry but are not without issues, such as adoption and security…"
United States Technology

Businessinsurance.com reported that "Artificial intelligence and other technologies hold great promise for the insurance industry but are not without issues, such as adoption and security..." The January 17, 2019 article entitled "AI holds promise for insurance industry, but with caveats" is based on a "panel of insurance and technology industry executives speaking at the Insurance Information Institute's Joint Industry Forum in New York" who opined:

  • There are two areas that the customer is thinking about,... data and the algorithms that use the data.
  • They [customers] seem willing to share data,... but become more skeptical when considering the algorithms, concerned about "the fairness and acceptability of using computers to make decisions."
  • I think what's important is, as we develop AI systems, we develop them in a way that lends itself to fair outcomes

Stay tuned to see how AI works out for the insurance industry.

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