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Commercial cargo ship. The most effective way to move forward is to take baby steps, focusing first on high-frequency/low-value claims (fast-tracked claims) in which stakes are not as high as they are in bigger claims. (Photo: Shutterstock)

It has been said that data is the new oil; I propose that data with artificial intelligence (AI) is the new electricity. With data entered and processed by a “machine” via AI, there is more accuracy and clarity. Let’s look at how AI can powerfully affect the progress of any enterprise, such as insurance.

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