ANN ARBOR, MI and ATLANTA, GA, January 21, 2019 – Business Insurance, a popular news source for insurance industry executives, recently published an article titled, “AI holds promise for insurance industry, but with caveats.” Like suggested in the title, this piece discusses how artificial intelligence offers many benefits to the insurance industry, but that there exist potential complications with implementation and other aspects. This was the topic of conversation at a panel held at the recent Insurance Information Institute’s Joint Industry Forum in New York. Groundspeed’s Co-CEO Andrew Robinson moderated this “Emerging Risks and Opportunities: Focus on Artificial Intelligence and Ethics” panel.
During the panel, Robinson mentioned how he left the insurance industry “to join an early-stage insurtech company because I saw the great potential technology offered. I’m a full believer in the enablement of our industry and the role that technology is now playing, particularly AI and big data.” This exemplifies how although introducing artificial intelligence may be intimidating for insurance brokers and carriers, implementation of an AI-based automation solution such as Groundspeed technology will be well worth it for organizations.