The Future of AI and Insurance
Dani • Jul 17, 2019
Think about what a normal day is like for you.How often do you use Siri or Alexa? I'm sure it's quite often. Eventually artificial intelligence will play a role in the insurance business. It will be important to understand the benefits and be ahead of this AI tech wave.
As for now, they are used in chat bots and can aid in the claims process. Technology had found its way in very aspect of our lives; insurance is no different. In the near future, brokers should use this AI tool to their benefit to help them compete on a larger scale and not see it as a threat to their position.
The purpose of AI in the industry will be used to do tiresome tasks like data entry. As mentioned above, AI is used in customer service chat bots and they assist with primary questions and route inquiries. In conclusion, technology can make different aspects of your job a lot easier in order for you to grown and accelerate your business efficiently.
2. Understanding Behavior
AI can be placed in devices and machines that can help insurers track a person's behavior and risks. Customers have the option to receive discounts on their insurance through sensors place in the vehicles.
Wearable AI devices can become more personalized based on the customer and that data could lead to other coaching/advice such as health and wellness. AI can analyze large amounts of data in seconds and then brokers will know which proper steps to take next.
3. The Claim Process
Traditional auto claims take about 10-15 days to complete and involve several human interactions.
The touchless claim process uses AI and automation, it eliminates humans from the process. It can look through photos of the damages and can issue payments. AI can be used in different levels of insurance such as life and health, not just auto.
4. Fraud Prevention
The most useful tool AI has to offer is in preventing fraudulent claims. The machine is smarter and constantly learning hot to identify fraudulent behavior.
Shift Technology, a startup in France, assisted a European coalition of insurers analyze 13 million claims. The AI identified, 3,000 fraud cases including a crime scheme that harmed all of the coalition members. Millions of Euros were emptied from the insurance company over several years.
5. Improving Underwriting
AI learning could takeover and definitely advance conventional statistic models used to estimate risks, and can save the company millions. Brokers and carriers should that embrace this AI technology. It will improve their customer insights and engagement. In the end, they will be able to broaden the customers benefits, reach out to new ones, and overall increase their earnings.
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