How much do you know about AI and ML implementation in the insurance industry?

Study Notes

62% of insurers have cut staff due to AI and ML implementation in the past 12 months.
A talent and skill shortage in AI is the greatest challenge for adoption, cited by 67% of insurer respondents.
90% of insurers have grown their AI and ML workforce in the past year.
52% of insurers have realized substantial benefits from AI/ML, including risk reduction, increased sales, and personalized marketing.
56% of insurance IT decision makers have received pushback or scrutiny over the penetration of AI in their business.
38% of insurers strongly trust AI and ML results, while 42% only slightly trust them.
44% of insurers think there is sufficient governance in place to safeguard against AI and ML misuse.
Insurers face other challenges including a lack of new business use cases, algorithm or model failure, and lack of technology infrastructure.
81% of insurer respondents said that AI and ML now lead their IT and business strategy.
Blockchain, IoT, and cloud technology were said to be more important than AI and ML two years ago, but these have since slid down insurers’ lists of priorities.

Description

Are you curious about how AI and ML are impacting the insurance industry? Take this quiz to test your knowledge on the latest trends and challenges facing insurers as they adopt these technologies. Learn about the talent and skill shortage in AI, the benefits and pushback from implementing AI/ML, and the top priorities for insurers' IT and business strategy. Keywords: insurance, AI, ML, talent shortage, benefits, challenges, governance, strategy.