Insurance Industry: AI is the Future

Insurance CIO Outlook | Wednesday, June 05, 2019

FREMONT, CA: Artificial Intelligence (AI) highlights the creation of intelligent machines that work and react with tech-driven human-like cognition. AI technology has a well-reformed information system that makes them more adaptive to humans, improving the interaction between humans and computer systems. AI has overhauled the insurance industry claims management process by making it faster, better, and accurate. Insurers can now achieve better claims management by utilizing technology. Facilitating a real-time Q&A service for a first notice and pre-assess claims while automating the damage evaluation process are vital points in using the technology. Automating claims fraud detection through rich data analytics, predicting patterns of claim volume and augment loss analysis are few more points that need to be kept in mind while utilizing the technology.

Influence of AI in the insurance industry has been game-changing. The initial hesitations around its implementation are now fading as it begins to gain trust amid numerous opportunities brought forward by AI and Machine Learning (ML). AI has proven its worth in many sectors by rapidly creating controlled, digitally enhanced automated environments for maximum productivity. Insurance companies have a lot to achieve from investing in AI-enabled applications. Insurance companies face significant challenges which are reaching out to prospective customers at the right time, providing the right set of customer required products and fastest claim support to loyal customers.

To keep all employees synchronized insurance companies are striving for technologically advanced system. Stable and consistent AI-powered solutions can penetrate the layers of confusion and propel a clear value proposition towards clients.  AI in the insurance industry offers numerous promising technology-enabled solutions. An uninterrupted flow of business information, automated claim support, interactive power of insurance chatbots, advanced underwriting, predictive analytics for proactive measures, marketing, and relevant products are some of the promising technology-enabled solutions.

The insurance industry faces many challenges which disrupt the present market. Insurers are viewing the potential of AI in the sector with optimistic eyes.  The overall damage analysis, claim settlement, and cost estimation would be carried out by bots that scan through pictures and videos. With new AI tools continually reinventing the claims management, the payoff is obliged to include faster settlements, smarter fraud detection, and better customer service.

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