There has never been a book that changed my world view like “The World Is Flat” by Thomas Friedman. I was in my early 20s, and the book helped me realize I was competing with other workers throughout the world.Executive SummaryMachine learning solutions can help insurance companies free up employees to complete higher-level tasks that will benefit customers and the insurance industry as a whole. Chris Cheatham, CEO of RiskGenius, offers advice for insurance companies looking to leverage the technology—and pitfalls to avoid.
But there is another book that now needs to be written: “The World Is Algorithms.” Over the past five years, I have come to realize the power of machine learning algorithms. Machine learning can instantly render decisions that humans require hours or days to complete.
This is not an article about how machine learning will take away jobs. Machine learning is at a stage where it can augment human beings, not replace them. Instead, let’s focus on how machine learning will impact insurance and how forward-thinking insurance professionals can take advantage of the technology (and pitfalls to avoid).