Artificial intelligence has been increasingly adopted across many industries in recent years due to the technological advances in machine and deep learning and subsequently the falling cost of making predictions. The insurance industry is one of the areas which have been highly disrupted by the emergence of artificial intelligence. For example, the underwriting process, which involves assessing the risk of insurance applicants and determining whether to provide insurance, has been predicted to become significantly faster as machine and deep learning models, powered by a dramatic increase in consumer data, facilitate the automation of the process.

1) How is the relationship between the insurer and the insurance applicants related to the notions of incomplete contract and asymmetric information?

2) How would the use of artificial intelligence in the underwriting process affect the relationship between the insurer and the insurance applicants?

* Please give me the correct answers with explanation and conclusion at the end.