Insurance companies will spend on average $90 million on artificial intelligence technologies by 2020, according to research from Tata Consultancy Services.

In its study, “Getting Smarter by the Sector: How 13 Global Industries Use Artificial Intelligence”, the IT consulting firm projects insurers will place fourth behind telecommunications ($131 million), high tech ($119 million), and banking ($99 million) in AI spending by the end of the decade.

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