Date of Completion

Spring 5-1-2026

Thesis Advisor(s)

Dan Watt

Honors Major

Mathematics/Actuarial Science/Finance

Abstract

Artificial Intelligence (AI) has evolved dramatically in the past century. It has become a powerful tool that can mimic human intelligence through algorithms that can learn from historical data and feedback. Some forms of AI need human intervention to keep them accurate, whereas others can autonomously refine themselves. The insurance sector will be greatly affected as AI will simplify and automate many processes, resulting in higher accuracy while using fewer company resources. Some key areas of insurance that will be impacted include sales and customer service, underwriting and pricing, claims, fraud detection, risk prevention, and actuarial analysis. However, to be used effectively, problems such as ethical issues and AI hallucinations must be addressed. Companies must embrace the age of AI while also reducing its risks to maintain a competitive edge.

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