Insurance set for boom in machine learning, Bank of England survey finds
Insurance is growing its adoption of machine learning applications faster than any other financial sector, a Bank of England survey has found.
UK financial firms expect the overall median number of machine learning applications to increase by 3.5 times over the next three years.
“The largest expected increase in absolute terms is the insurance sector, followed by banking,” the BoE said, in the survey findings published yesterday.
The median number of applications in insurance will increase 163% in three years, bringing it level with banking on machine learning adoption.
It means insurance is moving twice as fast as investments
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