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How AI and IoT are Affecting the Insurance Industry
Together with the latest internet of things (IoT) devices, artificial intelligence (AI) has already begun to change the universe of insurance not only by making it more affordable, but by making accessibility and underwriting much better. There are some that even believe that someday, insurance itself might become a thing of the past. Machine learning paired with complex AI algorithms hold the ability to completely transform practically any industry. To say the least, the insurance industry is not an exception. Since its inception, the insurance industry has been powered by mathematics; originally only an underwriter could calculate reliable risk rates and offer acceptable payouts that would not shut down the insurance company. With the advancement of AI, it is possible to employ it to repeatable operations that are based on logic and mathematics at a higher reliability rate than that done by humans. The true question is how the insurance industry will take advantage of AI, and how it will affect the future of the insurance industry.
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