Insurer's AI: Breaking the growth barrier

By Insurance CIO Outlook | Monday, June 10, 2019

Artificial intelligence (AI) has been successful in bringing about a technological revolution. Many industries that have adopted AI are a testament to the way the technology has influenced and improved numerous aspects of their functioning. The insurance sector is currently in need of a transformation that would help it bring AI-driven processes and tools into its fold. AI has solutions for many of the issues that are affecting the insurance industry, and the industry stands a chance to benefit a lot from these technologies.

Either the business models or their mindsets come in the way of insurance companies taking up full-scale changes that would help incorporate AI. The challenges of deploying AI may create barriers to the way of growth for companies in the industry. Companies must, therefore, design strategic and actionable plans. Predictions made by experts show that productivity and economic growth are possible if the insurance sector adopts AI. AI will bring about consumer-oriented changes, thereby improving their experience and satisfaction. Customer services become more straightforward with AI-powered chatbots and, processes become less time-consuming.

AI enables smart data management, which can leverage data to predict trends and chart trajectories. Companies will benefit from this by basing their strategies on these predictions. Information can make marketing streamlined and more effective. Automating specific processes that are repetitive, but time-consuming will reduce the burden on employees and create a system where human and machine work in coordination for better productivity.

Lastly, insurance companies can take advantage of AI in the process of claims management. Claim management is a complicated task, and there are chances of errors. With AI driven apps, customer can file claims with ease, tools present on the companies platform can assess the damage through their analytic abilities coupled with machine learning, and automatic responses and claim amounts can be sent to applicants in a hassle free way. The infinite potential of this developing AI technology acts as the much-needed catalyst to drive the insurance industry.

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