New York – 9 August 2023
Gartner Highlights the Impact of AI Advancements in the Insurance Industry
Gartner, Inc., a leading research and advisory company, has released a report titled “Emerging Tech Impact Radar: Artificial Intelligence in Insurance,” authored by analysts James Ingham, Kimberly Harris-Ferrante, and Moutusi Sau. The report, published on 9 August 2023, explores the impact of AI advancements on the insurance industry and provides insights for product leaders targeting insurers.
The report emphasizes that AI innovations are no longer exclusive to specialists, as various vendors incorporate novel AI techniques into their offerings. Product leaders in the insurance industry must understand the timing and impact of these AI advancements to build dedicated vertical-specific roadmaps.
Key Findings:
- Customer service and operational efficiency in the insurance sector are increasingly benefiting from AI tools like chatbots and computer vision.
- While customer interactions are quickly adopting AI, internal applications like advanced virtual assistants are still in the developmental phase.
- AI has the potential to revolutionize various facets of the insurance value chain, from handling documents to managing claims.
- As insurance companies deal with complex data landscapes, the future will likely see a growing need for data fabric technologies for better data management and decision-making.
Responsible AI in the Insurance Industry
The report also includes an analysis by Moutusi Sau, Danielle Casey, Pieter den Hammer, and Svetlana Sicular on “Responsible AI.” This umbrella term encompasses various aspects of making ethical and business-savvy choices when adopting AI. Responsible AI operationalizes organizational responsibilities and practices that ensure positive and accountable AI development and exploitation.
TAZI.AI Recognized as a Sample Vendor for Responsible AI
Gartner’s report highlights several sample vendors that are contributing to the development of Responsible AI, including TAZI.AI. TAZI.AI is recognized for its efforts in operationalizing organizational responsibilities and practices that ensure positive and accountable AI development and exploitation. The company’s inclusion in the report underscores its commitment to ethical AI practices and its role in shaping the future of AI in the insurance industry.
Other sample vendors mentioned in the report include Dataiku, DreamQuark, EazyML, FICO, Google, H2O.ai, IBM, Microsoft, MOSTLY AI, and SAS.
Gartner subscribers can access the full report here: https://www.gartner.com/doc/4618299
Disclaimer:
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
Founded by Caltech and MIT alumni and experienced couple Zehra and Tanju Cataltepe, TAZI’s core product is an automated machine learning platform which is being utilized in a number of industries, including insurance, finance and retail. TAZI’s products are changing the way AI is used in these businesses. Among other benefits, Tazi’s solutions stand out for the following reasons:
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- TAZI is machine learning that can be used directly by business experts, not data scientists,
- TAZI can learn from heterogeneous streaming data, featuring continuous learning, and explainability,
- TAZI helps business experts in implementing enterprise-wide AI that leverages an ecosystem of models working together to benefit every aspect of the business by drastically reducing the time it takes to build models.
