The article discusses how AI is progressively transforming the insurance industry, highlighting applications such as computer vision for assessing damage and machine learning for fraud detection. Research firm Evident Insights has launched a new index to evaluate leading insurance companies' AI capabilities, moving beyond their traditional focus on banking. The index assesses firms based on metrics grouped into four key pillars: talent, innovation, leadership, and responsible AI transparency. This marks a significant step in monitoring the advancement of AI in insurance.
"Companies are also using machine learning algorithms to help detect fraud and build risk models for underwriting."
"Evident has become known in recent years for its detailed benchmarking of banks' AI capabilities."
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