View our courses

About CFTE

Machine Learning in Insurance

Written by CFTE’s Experts

If we peek into the domain of computing and artificial intelligence, machine learning has become the talk of the town. This field seems to be ever-expanding, yet the potential benefits still haven’t been fully realised. The insurance industry has benefited a lot from it too, to the point everything is changing.

How Machine Learning is Transforming the Insurance Industry

Here are some interesting ways machine learning has transformed the insurance industry, so far:

It is Improving Customer Service for Insurance Companies

Thanks to machine learning, insurance companies are able to provide better services to their clients. This tech has enabled companies to attend to queries and help customers all the time. Machine learning can provide more accurate services without discrepancies, thereby enabling customer satisfaction and more productivity, overall.

Security and Integrity Has Significantly Increased

Note that machine learning has a wide range of applications in various computing domains. Therefore, it is now able to provide efficient security systems to insurance companies as well, due to which problems like insurance fraud have decreased significantly. It is expected that such security and immunity will only but strengthen with time.

Learn AI in Finance
Learn from AI experts and unleash the potential of AI in your organisation
View the course
Get a 360 view on Fintech
Learn Fintech from the founders and executives of leading financial insitutions
View the course
Ready to disrupt Payments?
Leverage the latest payments innovations and strategise your business model
View the course
Previous slide
Next slide

Helping Companies Identify more than Ever

During the identification process, like when an insurance claim has been made over a car, agents find it really hard to identify all the problems that need fixing. However, machine learning has enabled insurance companies to identify more problems than ever, some of which were impossible and unfathomable before.

Applications of Machine Learning in the Insurance Industry

Of course, none of that transformation comes without sufficient application of the technology. Some useful applications of Machine Learning in the Insurance industry are as follows:
– Analytics for Insurance marketing required machine learning. Machine learning algorithms allow these companies to understand the market trends and prospects.
– AI-powered voice and text assistants are being used, which have a lot of machine learning incorporated within them. Chatbots are just one example of them.
– Lapse management for policies is done via machine learning tech.

Learn Digital Finance from Experts

Insurance Companies that use Machine Learning

Here are some Insurance Companies that are effectively making use of Machine Learning:
State Farm is a big name in the insurance industry that uses machine learning within various technologies to increase their performance.
Allstate Insurance makes use of AI and Machine Learning services that are provided to them by an agency called Earley Information Services.


Machine learning is only but a subset of a much larger domain of artificial intelligence. We understand how unbelievable the scope of ML has been, let’s just try to fathom how impactful AI would be as a whole.

Want to dive deeper into AI?​

Gain the skills you need to thrive in a technology-led world


Frequently Asked Questions

The Centre for Finance, Technology & Entrepreneurship (CFTE) is a global education platform that aims to equip financial professionals and organisations with the necessary skills to remain competitive in a rapidly changing industry. Our leading training programmes, curated by global industry experts, help talent build skills to join the digital revolution in finance. CFTE’s courses are globally recognised with accreditations from ACT, IBF, CPD, SkillsFuture and ABS.

At CFTE, our mission resonates with every learner’s goals to rapidly advance in their career, to thrive in their next project or even to lead the disruption in finance with their own venture. To help you do this, CFTE gives you the tools you need to master the right skills in digital finance. We bring exclusive insights from leaders that are steering the developments in the financial sphere from global CEOs to disruptive entrepreneurs. With CFTE you don’t just learn what’s in the books, you live the experience by grasping real-world applications.

If you are looking for rich insights into how the Financial Technology arena is transforming from within, we can help you get the latest knowledge that will stir things up in your career. CFTE offers leading online programmes in digital finance, covering an expanse of topics like – Payments, AI, Open Banking, Platforms, Fintech, Intrapreneurship and more, that will help you conquer the financial technology landscape. With this expertise at your disposal, you will be on track to turbocharge your career.

You will be learning from a curated line-up of industry leaders, experts, and entrepreneurs hailing from Fortune 500 companies and Tech Unicorns, among others. They will each be presenting their knowledge and experience in the field of digital finance. No matter if you are embarking on a new journey or fortifying your role, these lecturers and guest experts will guide you through the perspective of established institutions like – Starling Bank, Wells Fargo, tech giants like – Google, IBM, successful startups such as – Kabbage or Plaid, among many more!