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March 29, 2018 in Editors' Featured
ReSource Pro CEO Sees ‘Enormous’ Potential for A.I. in Insurance Industry
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Dan Epstein, CEO of ReSource Pro, recently spoke with Insurance Journal's Elizabeth Blosfield about the impact of artificial intelligence on the insurance industry, the benefits and challenges it can provide and how insurance companies will need to adapt.
"The starting point for all A.I. is data," he said. "And insurance is a very data driven industry, so the potential for applying A.I. is enormous."
In particular, Epstein discussed how the auto insurance industry could see a transformation as autonomous vehicles become more prevalent on roadways. He also emphasized that insurance companies will need to be thinking more about data storage and moving away from legacy systems as accessible and trustworthy data is critical to artificial intelligence's application.
As he believes artificial intelligence is still in the early stages of making its way through the insurance industry, however, Epstein cautioned insurers not to "put the cart before the horse" and instead, to recognize the ability of computers and humans to work together.
"I think it's probably fair to say that A.I. is probably more influential in terms of what people believe is coming than its pervasiveness throughout the industry today," he said. "I think it can be more helpful to think about I.A. rather than A.I., where I.A. is intelligent augmentation. Computers aiding us to make us better at what we do."
