Machine learning is in practically everything these days and is prevalent in the insurance industry as well as the financial services industry. When combined with artificial intelligence, machine learning provides businesses from all different types of industries with the ability to streamline workflows and automate much of the decision-making process. One sector that's set to benefit most from machine learning is underwriting.
There is a clear distinction in the meaning of the terms artificial intelligence and machine learning in the technological lexicon even though they seem synonymous with each other, and are usually mentioned in the same breath by most people.