How AI will Transform The Insurance Industry

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July 13, 2017OtherNo comments

With the constant innovations in the world of science and technology, we will no longer be shocked at how artificial intelligence or AI has been able to greatly assist humans in various fields. Tasks that previously require humans and their skills like visual and speech processing, language translation, and even making appropriate decisions can now be done by artificial intelligence systems.

This is why it is no longer a surprise that leading companies like Google, Apple, Amazon, and Samsung have been incorporating artificial intelligence support into their own systems of work and services. A simple example is how you can easily use Google voice input button to search for anything you want all over the internet and do everything from scheduling your meetings to opening your favorite gaming apps on your phone. Likewise, Amazon has launched its own AI system Echo which respond to customers’ voice commands and can play songs or manage lists.

How AI will Transform The Insurance Industry

This is the reason why the insurance industry has also begun showing interest in using artificial intelligence. Leading insurance companies can further improve their insurance services by using artificial intelligence. The insurance industry sector can benefit greatly by using artificial intelligence in the following aspects:

Automated Work

With artificial intelligence, insurance agents will no longer need to ask hundreds of questions repeatedly with each customer since the AI system can already do this for them. In the same manner, paperwork filing and insurance requests are inputted into a system that can accurately and efficiently analyze data to process claims and customer data. In this way, insurance claims that usually take weeks or months to be processed can be finished since the AI system can quickly produce data needed for faster transactions and customer support.

Predictive Customer Support

In the same way that Google can provide keyword search suggestions based on the algorithms and collected historical data from its users, AI can also provide predictive customer support for insurance services. If effectively utilized, AI can provide predictive suggestions on insurance services that a customer needs based on answering specific questions or based on his submitted profile.

Help in Targeting Prospective Clients

With the help of AI and its capacity to gather needed data from customers, it can help insurance companies in finding prospective clients who can apply for insurance claims better. People who are in need of insurance services or do not know how to apply for insurance claims from leading companies can be assisted by AI support to help them understand the process and become actual clients.

Staying Ahead of Competition

If insurance companies employ artificial intelligence in their services especially in the field of customer support, they will have an edge in the competition over other insurance companies. This is because of their capacity to provide easier access for their customers and faster and more efficient claims processing.

Insurancethoughtleadership.com states that there are already insurance companies who have already begun using a form of AI support in their services but are mainly based in the UK. Companies like Shift Technology, Tractable, and Control Expert will benefit greatly from using AI services to aid them in a faster and more efficient claim processing.