How artificial intelligence and machine learning are transforming the insurance industry.

Posted by Lee McFarland on Aug 5, 2019 1:21:29 PM

Throughout the years, data has been a vital cog in the wheels of the insurance sector. What has disrupted our current setting is the amount of data generated and the speed at which machines are processing the data to unravel new insights. Through artificial intelligence and machine learning, the insurance industry is slowly undergoing a rapid transformation in several ways. We’ll look at some changes below:

Transaction and claims processing

Insurance companies receive thousands of customer queries and process several claims at any given moment. To solve these issues, companies are now using AI to improve processes. AI helps to move claims through the system from the time they are made to the time they are due for payment. Companies that have already automated their claims processes are now benefiting from improved services and time savings. 

Policies development, pricing, and risk management 

The torrents of data an insurance company has and the new ways they've devised to get more can inform the company on the policies that suit clients. Also, AI and machine learning can provide information on good behaviours from potential customers for discounts. 

By having a comprehensive picture of its clients from several sources, insurance companies can create products that serve them well while managing risk. With organisations like Aqovia, you can get the A1 Intelligence Platform, to help you analyse data within a short time and process claims quickly, at a lower cost.

Insurance advice and customer service

Consumers have increasingly embraced personalised solutions, and AI has made it possible because it reviews their profiles to determine the most appropriate coverage for them. So, chat bots are being used in the insurance industry to answer queries and resolve claims. In the future, machines will play a vital role from the moment a customer wants to determine a befitting coverage to the time of on-going customer service.

Fight fraud

The insurance industry is one of the biggest victims of fraud in the form of fraudulent claims. If it can effectively mitigate theft, most of the companies in the sector will report huge profits. Fortunately, AI algorithms help to detect suspicious claims for further analysis by humans, if necessary. As such, it spots frauds more quickly than humans to facilitate quick action.

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Topics: Artificial Intelligence, AI, Technology, Digitalisation, Digital Trends, Transformation