The May 2024 report presents a framework to guide insurers in implementing AI and ML technologies effectively. It emphasizes the high industry interest in AI, the need for clear strategies and principles around transparency, security, and regulatory compliance, and the importance of selecting models suited to specific use cases. Insurers are expected to adopt a best-of-breed approach, combining custom and vendor solutions, while recognizing AI is not a universal fix. Integrating AI selection and deployment into governance and operational processes, often with vendor partnerships, is key to long-term success.

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