In the August 2024 edition of Best's Review, ACORD CEO Bill Pieroni examines how the predictive capabilities of artificial intelligence could bolster the insurance industry by assessing risk and enhancing loss prediction and prevention in the future.
Bill discusses how AI can extend the capabilities of core insurance functions like underwriting and claims without having appreciable effects on taxes, licenses and fees.
He also shares the long-term benefits of integrating AI capabilities and how it can create significant savings across the insurance industry each year, based on an ACORD study.
Read the full article in Best's Review here.