AI Gears Insurers, Enhancing Efficiency and Potential, Check How

By CIOReview | Wednesday, June 12, 2019

FREMONT, CA: The insurance industry is geared for swiping changes. The technology of Artificial Intelligence has opened up many possibilities of changes in the way these companies function. Artificial intelligence can be defined, as a technology by which machines and computers get to have cognitive abilities that enable them to do reasoning, problem-solving, learning, and analyzing. These capabilities have many uses for the insurance industry, which the industry should try to cash in on to increase efficiencies, reduce delays, and better customer experience. A few ways in which AI is used in the insurance sector are here.

• Data management and personalized pricing

Machine learning (ML) enables systems to collect and sort through vast amounts of customer information in short durations, thereby allowing companies to do better data analysis before designing insurance policies. Previously, organizations had to work hard to collect and manage data. Smart wearables can track customer data which companies can use while creating risk profiles of customers to offer price premiums.

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• Improved customer services

Customers expectations have grown substantially, and they expect high-quality services. The companies can use AI to improve upon many areas of customer services. Chatbots are employed by companies to address customer queries and enable them to get immediate responses round the clock. AI-powered analysis can assist companies in providing personalized and customized experiences to consumers through platforms. The better the customer experience, the more is the chance of creating a loyal customer base.

• Claims management

Managing claims can be a complicated task and cause a lot of delays. AI can improve claims processing by making specific procedures automated. Algorithms that can analyze the damage and evaluate the claims come in handy. Communication efficiency increases and customers can easily track the progress of the application. Companies can also reduce the chances of fraud by incorporating AI into claims management.

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The technological transformations have created an excellent ground for insurance companies to improve their business and work on their shortcomings. With a good strategy and a good tech team that can help devise solutions, the insurance sector can take advantage of AI.