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How Insurers are Implementing AI
AI promises exciting features to insurers while helping them to develop a competitive position in the ever-evolving market.
FREMONT, CA: While the concept might still seem futuristic, Artificial Intelligence (AI) is now part of daily lives. In the insurance industry, in particular, AI is rapidly changing customer expectations and demands. Today, insurance customers are looking for flexibility in policy coverage, easier methods to pay premiums, and submit claims. Insurers who implement AI in their operations are to benefit in the long term. While AI is still maturing, insurers should expect it to play a major role in the years ahead. Here is how AI is going to affect insurance companies.
Evaluating Customer Data
The customer data holds unparalleled value, and the key is to unearth all of it is by precisely identifying and using facts and actionable insights. AI helps the insurers understand and evaluate customer data tracked from connected devices, like personal gadgets, IoT, social media, and search patterns. Such in-depth knowledge allows the insurers to focus on future customer requirements and personalize the policies accordingly.
AI’s potential to learn from the data allows insurers to make the most out of virtual assistants, like chatbots, and contribute to improving customer satisfaction. While responding intelligently to customer service requests, AI assists the features of customer-based product and service recommendations. Such features allow the insurers to lead steps ahead in the competitive market by widening business opportunities.
Claims Settlement Accuracy
AI has the potential to create a highly monitored operational ecosystem and communication between the insurers and insureds. The in-depth knowledge provided by the AI-based applications helps insurers to study the claims and settle the payments accordingly. Such features aid the insurance companies to save huge money from reducing claim payment amounts and ease payment settlement processes.