Insuranceciooutlook

What can Insurers Gain from AI?

By Insurance CIO Outlook | Monday, January 06, 2020

Artificial intelligence, as a facilitator for several operational processes, is an ideal addition to the modernizing insurance industry.

FREMONT, CA: The insurance industry is facing wave after wave of disruptions initiated by rampant technology adoption. Artificial intelligence has already proved to be one of the most impactful technologies today. Within the insurance sector, industry leaders have continuously vouched for the application of artificial intelligence to workflows, back-office, as well as front-office systems. As technology advances, the applications are set to evolve and help insurers restructure and innovate the products and services they offer. Enlisting the benefits of artificial intelligence for insurance firms can be carried out by throwing light upon the existing and prospective application of the technology and the outcomes thereof. 

• Unmatched Intelligence that Boosts Security 

In the times of security vulnerabilities that modern systems have unfurled, artificial intelligence could be the most reliable savior. By creating robust security architecture, artificial intelligence helps insurers secure their systems and operations against fraud. Security is the key to success in the current era. By investing in AI-backed security solutions, insurers can control, monitor, and automate the detection of anomalies and prevent conspirators from making fake claims as well.

• Leveraging Datasets Effectively

Human capabilities are effective only up to a specific limit when it comes to processing and gaining insights from data. On the other hand, solutions backed by AI are able to act on vast volumes of data and derive critical insights from the same. These insights have become vital points of reference for business decisions. Thus, insurers can leverage disparate data sources easily and add value to underwriting.

• Delivering Personalization in Quotes

The appeal that personalization currently holds is significant. The best way for insurance companies to tap into the personalization trend is by leveraging artificial intelligence. Analyzing customer information becomes convenient with AI software solutions. This information allows the creation of customer identities and enables insurers to deliver tailor-made quotes. Risk scores are a direct result of using AI.

Thus, artificial intelligence creates a world of new opportunities for insurers and helps drive up the smart factor in insurance business models.

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