Purpose-Built AI Solutions for Insurers

Report Summary

Purpose-Built AI Solutions for Insurers

Jeff Goldberg
Head of Insurance Insights & Advisory
Stephanie Dalwin
Advisor

June 2018 - Several insurers have undergone pilots with general-purpose AI providers that offer platforms for machine learning or NLP. These solutions are leveraged by early adopters looking at emerging technology transformation projects, with innovation budgets dedicated to hiring experts and training AI systems against insurance data sets.

Despite the strategic potential, insurers are finding general solutions require an insurmountable investment of time, resources, and capital. Instead, AI offerings tailor-made for the insurance industry are emerging as solutions to internal inefficiencies across the insurance value chain.

This brief explores the potential value of purpose-built AI solutions, the difference between purpose-built AI and general-purpose AI, and some notable solution providers in the space.

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