Compared to other industries that have successfully moved towards digital transformation, insurance services have often failed to meet modern customer requirements. To prevent a worsening of the situation, insurers began to hastily apply artificial intelligence technology, which led to major changes in this industry. In this article, we’ll look at three of the most important AI skills for insurance.
Traditionally, insurers use generic models when working with clients to form their packages and prepare rates due to the lack of data and their complex analysis. AI for insurance makes it possible to overcome this inconvenience:
- The company can use AI to collect individual data in real-time.
- Each case will serve as the basis for the contract, contributing to its flexibility and accuracy of rates.
- Artificial intelligence can create a better customer experience. To adjust to the new reality, companies must reorient themselves as soon as possible.
Likewise, different products designed and priced according to a client’s individual needs and lifestyles will enable clients to pay for the coverage they need. Human is no longer just information in statistics; he pays for actions by generating statistics. This approach is very likely to increase the attractiveness of insurer services for a wider range of clients, significantly increasing their level of liability.
AI technologies are revolutionizing the world of customer service. Taking out insurance becomes hassle-free. Chatbots can use customers’ geographic and social data to personalize their interactions with the company. Insurers will also allow clients to adjust coverage for specific items and events and use insurance on demand.
Using computer vision, a chatbot can examine evidence of an incident and estimate the amount of damage. There is no lengthy process of sending an inspector to take photographs and draw up a report.
The system can respond to customer inquiries via email, chat, and telephone. As a result, claim resolution time, which is the most important metric for clients, is reduced and the result is satisfying.
AI will enable companies to recognize fraudulent actions and take fraud prevention to the next level. The more applications, the more data, which means that the artificial intelligence system will keep getting smarter and smarter.
In addition, the analysis of data from sensors of security systems can bring new opportunities for business insurance. To mitigate the damage caused by a security breach, a company can take advantage of cyber threats coverage, which compensates for a wide range of cyber risk losses that can emerge unexpectedly from cyberattacks.
Through effective customer feedback and accelerated claims investigation, insurers can determine where face-to-face interaction is most beneficial and where to apply AI innovation. To reap the benefits, insurers also need to decide how to process the data and how to integrate the latest AI innovations into their business processes so that the use of that data can be transformed into brand value.