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Ventiv Technology Brave New World

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It's been called many things over the years. The Black Gold of Insurance. The New Oil for Insurers. The Fuel of Digital Transformation. BRAVE NEW WORLD | 1 But no matter what it's called, data is truly revolutionizing insurance companies around the globe. With an industry like insurance - one that is relatively mature, with moderate growth opportunities and hampered by a volatile economy and highly regulated business environment - it's increasingly important to have a competitive edge. That's why data - and the technology it powers - is playing an ever-greater role in an insurer's ongoing operations. The increasing use of data analytics, artificial intelligence (AI) and machine learning (ML) software are enabling insurance carriers to drive transformation and innovation. Artificial Intelligence, machine learning and analytics used to be the stuff of fantasy and science fiction (remember the HAL-9000 computer from the movie: 2001: A Space Odyssey?) No longer. These technologies are big business today and are beginning to change the entire landscape of insurance. The International Data Corporation (IDC) forecasts global spending on AI technology (hardware, software and services) to grow 15.2% this year -- up to $341.8 billion. Furthermore, the market is expected to accelerate in 2022 with 18.8% growth and remain on track to break the $500 billion mark by the year 2024. "Disruption is unsettling, but it can also serve as a catalyst for innovation and transformation. 2020 was the year that accelerated digital transformation and strengthened the value of enterprise AI," said Ritu Jyoti, group vice president for AI and Automation Research at IDC. "We have now entered the domain of AI-augmented work and decision across all the functional areas of a business. Responsible creation and use of AI solutions that can sense, predict, respond, and adapt at speed is an important business imperative." For insurers, this is just the tip of the iceberg.

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