How Is AI Affecting Your Insurance Bills?

LOS ANGELES - Rezul -- Did AI Raise My Insurance Rate?

The car insurance and home insurance rate hikes over the last couple of years have nothing to do with the use of artificial insurance in the insurance market. In fact, without an increase in costs to customers, AI adoption is why there are virtual assistants, or chatbots, available to help you at any time, even 3 am.

In the insurance industry, AI predicts the risk of accidents, storms, health decline and even how much they will need to repair a car or home. Insurance agents, underwriters and adjusters once did all this work, but now automation, machine learning and all sorts of other AI tools are doing it more efficiently. There is little room for human error, even in pricing. Drones are also starting to be used for evaluating risk to property, property damage and even liability risk for individuals and businesses.

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As of March 2024, 80% of insurance companies admit to using artificial intelligence for making business decisions or plan to do so within a year. While the insurance sector is already very regulated, in some states, the government is issuing AI-specific regulations and guidance. Much of this involves controversy over biases found in AI tools' decision-making and worries over the security of customer data.

Full article here: https://smartfinancial.com/how-will-ai-affect-insurance