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How Artificial Intelligence is Reshaping the Insurance Sector
The introduction of Artificial Intelligence (AI) into the insurance industry is going to transform the sector and change the customer experience forever. The technology-driven shift especially artificial intelligence, drive savings for insurance carriers, policyholders, and brokers. The key ways of transformation include,
Behavioral Policy Pricing:
Behavioral policy pricing or value-based pricing will provide personalized data to pricing platforms, for example, people with a healthier lifestyle to pay less for health insurance. The omnipresent IoT sensors are providing the data for value-based pricing. They will allow insurance carriers to price coverage based on real events in real time using massive datasets. Usage-based or pay per mile car insurance can also be cited as an example.
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Customer Experience and Coverage Personalization:
AI is enabling a seamless automated buying experience including chatbots, platforms to verify identity, and carriers aided with customizing the coverage. AI-powered chatbots can replace human assistants to deliver always available fast and efficient customer service. Chatbot must have natural language processing and emotion analysis capability to identify customer needs accurately. It allows users to directly interact with the business.
Automated Claims Management Process:
With AI the claims process can be automated to allow insurers access and extract relevant information with reduced processing time. AI can also identify patterns in data to help pinpoint fraudulent claims. Using machine learning capabilities AI systems can predict the coverage cost by evaluating damage and historical data. Customers can also have access to virtual portals for virtual claims and settlement.
The AI-powered decision management system uses analytics to provide recommendations based on identified patterns. This system could be the digital sales advisor for the buyers. It can suggest products based on conversations and data collected through chatbots.
It is sure that AI can suffice the promise of transforming the insurance sector with various opportunities and solutions. The carriers that use new technologies including AI can create innovative products and attract customers thereby winning in the long run of business.