The AI Venture of Insurance Industry
AI has the potential to transform the insurance experience of customers from frustrating and bureaucratic to something fast, on-demand, and more affordable. Tailor-made insurance products are attracting more customers at a fairer price. Companies applying AI tech to a mountain of data at their disposal, seeing more flexible insurance, such as on-demand pay-as-you-go insurance, and premiums that automatically adjust in response to accidents, customer health, etc.
AI driven analysis
Fraud Detection and Prevention
With machine learning and AI, the insurance companies can analyze historical data and identify a set of patterns, which can be used to detect frauds at an early stage and prevent them from happening. Further, the technology helps you deep dive into a sea of data and unlock hidden insights.
With AI, the insurers can streamline the end-to-end process, from data capture, settlement creation, authorization and approval, payment tracking, salvage and recovery tracking, legal matter processing to communication management. The bots can review the claim, verify policy details, check for fraud and process payments, making the claims process faster and efficient.
Marketing and Cross/Up-Selling
Digital customers demand sophisticated products at competitive prices. Using AI, insurance agents gain detailed insights into customers’ demographics, interests, shopping patterns, and other information. This information can be used by the agent to engage customers in their context and pitch policies as per their needs, enabling the insurance organizations to tap the opportunity
The Potential of AI
Most importantly, the AI solutions described above can make it easier for clients to interact with insurance companies. This could lead to people being more likely to purchase insurance.