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AI use in Bermuda re/insurance market low, but set to accelerate: BMA

December 2, 2022

A new report by the Bermuda Monetary Authority (BMA) has concluded that use of artificial intelligence and machine learning technologies in the Bermuda re/insurance market is still currently in its infancy, but is set to pick up significantly over the next five years.

Machine learning, which focuses on the use of data and algorithms to imitate the way that humans learn, is an important component of the growing field of data science and is increasingly being utilized by re/insurers to improve the speed, accuracy and capabilities of digital processes.

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