Insuranceciooutlook

AI as an Enabler for the Insurance Industry

Insurance CIO Outlook | Monday, June 07, 2021

Advanced image analytics can be applied in casualty and property insurance to analyzing images of cars in accidents, deciding parameters, as well as estimating the replacement costs.

Fremont, CA: Artificial Intelligence (AI) has opened the door to endless possibilities for many industries, including the insurance industry. It has helped drive digital transformation, automated processes, and increased productivity. AI-enabled technologies have enabled insurance companies to provide better customer services, save time and cost.

Let us look at some contributions of AI in the insurance industry:

Image Analytics

Advanced image analytics offer a quick analysis of photos to determine parameters like BMI, age, habits, and others that are important in the field of life insurance. These parameters can help in deciding whether medical underwriting is required or not. Insurers can offer an instant quote and formulate policies within minutes if underwriting is not needed.Top Artificial Intelligence Companies for Insurance Industry

Advanced image analytics can be applied in casualty and property insurance to analyzing images of cars in accidents, deciding parameters, and estimating the replacement costs. Changing algorithms can accurately assess the severity of damage and automate the claims evaluation process within minutes, without any human assistance.

Chatbots

Complex policies and lengthy documents can be confusing and stressful for customers. They may have a lot of questions regarding insurance policies, and they want instant responses. This is why 24×7 support is mandatory. Chatbots that are developed from the Natural Language Processing (NLP) abilities of AI can serve as virtual agents and answer most customer service requests and questions without interruption. Soon, AI would be deeply integrated into the Insurance Industry. Insurers, as well as insurance companies, must be able to respond to the evolving landscape.

Connected Claims Processing

With the help of advanced algorithms, insurance claims can be automated, allowing insurers to achieve dramatic levels of accuracy and efficiency, decreasing processing times to a great extent. Data-capture technologies such as IoT sensors can replace manual methods. Requests for repair services and claims triage can also be initiated automatically.

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