The Earnix Blog

In the dynamic world of insurance, predicting risk and demand for policies accurately is paramount. By applying machine learning (ML), insurers are now better equipped than ever to make these predictions with confidence as they seek to increase revenue, improve profitability, and manage risk.

AI has captured imaginations, investments, and headlines around the world, from boardrooms to corporate strategy sessions to the popular media. It has already affected the way we do business, how we shop for goods and services, and the way live our daily lives.

2022 was a challenging year for insurers, so we've outlined five of the biggest trends insurers faced and how they could continue to impact the entire industry.

According to the International Data Corporation’s recent report, spending on artificial intelligence (AI) systems will reach $97.9 billion in 2023, with a 28.4% compound annual growth rate from 2018-2023. Insurance, in particular, is trending towards the aggressive adoption of AI, and more specifica ...