Smart solutions for Insurance Companies with Artificial Intelligence

By CIOReview | Tuesday, February 19, 2019

Digitalization has provided organizations with huge sets of data, opening new avenues to deploy and benefit from Big data and analytics. Every year insurance companies report billions of dollars of fraudulent cases and the most common form of fraud is identity theft. There is an imminent need for data to be secured and discovered properly to mitigate such fraudulent claims. AI with machine learning, big data and analytics can enhance the efficiency of data.

AI assistant

AI assistant or chatbots were being used to handle customer complaints and process simple transactions. Now with big data, insurance companies are offering an alternative way to buy life insurance online and also educate people about the benefits of having insurance.

Behavior Policy

Internet of Things (IoT) sensors will provide personalized data to pricing; this data will determine safer drivers to pay less for auto insurance and people with healthier lifestyles to pay less for health insurance

Facial recognition

Insurance companies are providing an alternative to buying life insurance using a selfie. An AI enabled algorithm runs an analysis of facial patterns to detect signs of life-threatening symptoms or habits such as smoking. Insurance companies are adopting this technology as an alternative for expensive and time-consuming medical examination.

Customized Policy

AI enabled chatbots to pull on a customer’s social data for personalized interactions and provides tailored coverage for specific items.

Automated Claim support

AI-based chatbots are implemented to improve the insurance claim process by removing excessive human intervention. These chatbots can report the claim, capture damage, update the system, communicate with the customer, cross-check information for fraudulent claims and pay the claim settlement directly to the customer’s bank account.

Risk assessment

Insurance companies collect data of driving behavior of customers and price their insurance accordingly. Health monitoring, driving behavior helps in preventing insured events and enhances the healthy and safe lifestyle of their customers

AI also simplifies sudden disaster-caused damage analysis, risk calculation, transaction analysis, customized plans based on preferences, risks and spending habits.