Pestovska Zoia2024-06-272024-06-272021https://ir.duan.edu.ua/handle/123456789/4695The aim of the work is to substantiate the impact of new technologies on the development of insurance, the need to change its business model, approaches to setting rates and attracting customers. The work is devoted to the comparison of pros and cons, the search and analysis of promising opportunities. Examples and opportunities for the use of artificial intelligence (AI) and machine learning (ML) in the insurance business are shown, and attention is paid to the disadvantages and risks of their use. Applications of AI in insurance: customer interaction, financial consulting and personalization, contract servicing and omnichannel, smart contracts, affective computing, loss adjustment, anti-fraud, medical insurance, vehicle and real estate insurance. Figuring out the advantages of AI: high decision making speed, no human error, no emotion, 24/7 availability, reduced risk of human injury, reduced cyber threats. Disadvantages: high time and money costs, lack of creativity, lack of understanding of emotions, job cuts, lack of human ethics, scalability of hacker attacks. AI-based systems can subsequently take over many of the decisions that humans made.eninsuranceartificial intelligencemachine learningbusiness modelinternet of thingshuman ethicsArticle