Implementation AI and Automation in Insurance Industry gonna easier to manage with thousands of claims, customer queries and large amounts of diverse data. AI has now been frequently cited as a disruptive force in the insurance sector.
From smart chat-bots that offer quick customer service round the clock to the array of machine learning technologies that spruce up the functioning of any workplace through its automation power, the expanding potential of Artificial Intelligence in Insurance is already being used in many ways.
With increased awareness and resources about the game-changing influence of AI in the Insurance industry, the initial hesitations and shallow discomfort around the its implementation are now fading quickly as it begins to trust in the caliber and numerous opportunities brought forward by Artificial Intelligence and Machine Learning. The only question that remains is — how far can we push its capabilities?
Robotic Process Automation (RPA) and AI will occupy center stage in insurance, driven by newer data channels, better data processing capabilities and advancements in AI algorithms. For example, we saw insurance company’s business model deploys AI and behavioral economics as its core elements. While AI eliminates brokers and paperwork, its behavioral economics capabilities minimize fraud – leading to reduced time, effort and costs.
We saw another InsurTech firm has deployed an AI-infused claim like likelihood model in underwriting to accurately determine the risks and achieve higher profitability.
Bots will become mainstream in both the front and back-office to automate policy servicing and claims management for faster and more personalized customer service, in particular machine learning back with deep learning technology. For example, a leading U.S. auto insurer’s virtual assistant answers customer queries on policies and payments. InsurTech firm claims bot assesses and pays out property claims in just three seconds. Automated insurance agent interacts with customers through a mobile app and other messenger platforms to help in the purchase of the right policies.
AI and automation will profoundly impact and improve business outcomes in customer experience, cost optimization, operational efficiencies, market competitiveness and newer business models.
Feel free to contact E-SPIN for assist you adapt the trend for insurance industry, from infrastructure availability, performance and security monitoring and testing solution.
