Artificial Intelligence 101

McKinsey & Company

FEATURED PIECE

December 8, 2021 – A majority of companies now adopt AI, and leaders are using more sophisticated tools and practices.

Companies capturing lasting value from artificial intelligence think differently, from the C-suite to the front line. Here’s how to make the shift from opportunistic efforts to a truly AI-enabled organization.

Embedding AI across an enterprise to tap its full business value requires shifting from bespoke builds to an industrialized AI factory. MLOps can help, but the CEO must facilitate it.

What's the right approach for getting the most value from artificial intelligence? We find it's transforming one or two important slices of your business at a time.

Four CEOs describe what goes into turning a world of data into a data-driven world.

How could AI help create jobs even in rural areas, and what would it take? In this podcast episode, Kevin Scott shares his ideas with James Manyika.

Insurtech Insights

AI-powered chatbots pack more power than simple rule-based chatbots. As opposed to pre-programmed “if this, then that” rule-based chatbots, AI bots use algorithms and natural language processing to develop human-sounding responses and collect data to learn from each interaction, improving over time.

People don't trust insurers. We've probably all had to contact an insurer about a problem only to find it's not covered in the small print. Rates are usually fixed, and sometimes unfair. There may also be hurdles in approving payment once a claim is made.

According to McKinsey, 22 percent of cross-industry enterprises already attribute 5 percent+ of their EBIT to AI. And HBR estimates that AI will add $13 trillion to the global economy over the next decade.

With technology taking centre stage, industries and sectors are getting disrupted. Insurance is no exception, and its key functions are being reimagined with the power of digital technologies such as artificial intelligence (AI) and machine learning (ML).

According to McKinsey, 22 percent of cross-industry enterprises already attribute 5 percent+ of their EBIT to AI. And HBR estimates that AI will add $13 trillion to the global economy over the next decade.