The costs of insurance coverage for homes and cars have consistently gone up in recent years.
Investor Kevin O'Leary, famous for starring on the television show Shark Tank, thinks artificial intelligence could transform the insurance industry at a time when costs have soared, especially for homes and cars.Homeowners insurance has spiked by nearly 20 percent between 2021-2023, according to the platform Insurify, a company that operates as a digital insurance agent.
'All of those things by using machine learning, AI, artificial intelligence, insurers will be able to reduce the costs, the expense that will allow them to potentially charge less premium for the product or at a minimum, keep premiums level,' Betsy Stella, a senior executive at Insurify, told Newsweek.AI will also help in better assessing risks, Stella said, through the pooling of data that can help companied create better products for consumers.
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