Benefiting from the Adoption of AI in insurance

1. 3/1/2021 Benefiting from the Adoption of AI in insurance | by Kalyani Tangadpally | Mar, 2021 | Medium Open in app Kalyani Tangadpally 4 Followers About Benefiting from the Adoption of AI in insurance Kalyani Tangadpally Just now · 4 min read Image Source: raconteur Artificial intelligence (AI) has been a term that has been around for a while. Businesses are keen on adopting this technology because of its promising benefits. According to McKinsey, the insurance industry can generate up to $ 1.1 trillion in annual value by adopting AI. https://kalyanitechblogs.medium.com/benefiting-from-the-adoption-of-ai-in-insurance-a08f8313bcb9 1/5

2. 3/1/2021 Benefiting from the Adoption of AI in insurance | by Kalyani Tangadpally | Mar, 2021 | Medium Artificial intelligence (N) was an idiom on everyone’s lips and appeared on the lists of almost all the major trends as we entered the new decade. AI is a computer-based science that mimics the concepts, reasoning, learning, and problem-solving of the human mind, stimulating the vast amount of data that we are all now creating in the etiquette of our ‘connected’ lives. Yes. Home accessories, smartphones, smartwatches, connected clothing, eyeglasses, home appliances, and medical devices … all these devices collect a huge amount of data that can be used to make our lives better and better, all Artificial intelligence and machine training. Check: Artificial Intelligence in Banking Industry Insurance sector The use of AI will give the insurance industry several benefits such as improved performance, increased customer experience, efficient claim management, reduced fraud, and more. However, the key is to identify the right combination of use and Invest in the right platform Reccommended: How the Coronavirus epidemic will effect AI innovation in the insurance sector An overview of how AI can transform the areas below in the insurance industry: #Customer Service — With the chatbot, you can always answer customer questions, from solving basic questions related to quote policies to handling customer complaints and grievances. Bots can be integrated with channels such as websites, social media, etc., allowing you to attract customers through their preferred communication mode. Therefore, it reduces costs and improves the customer experience. According to the study, “74% of consumers are happy to receive computer-generated insurance advice and 78% would like to receive investment advice from a virtual assistant. #Fraud Detection and Prevention — The insurance industry earns more than $ 40 billion annually from the total cost of insurance fraud [1]. With machine learning and https://kalyanitechblogs.medium.com/benefiting-from-the-adoption-of-ai-in-insurance-a08f8313bcb9 2/5

3. 3/1/2021 Benefiting from the Adoption of AI in insurance | by Kalyani Tangadpally | Mar, 2021 | Medium AI, insurance companies can analyze historical data and identify a series of A pattern which can be used to detect fraud in the early stages and prevent it from occurring. Plus, this technology allows you to dive deep into the sea of information and unlock hidden insights. #Claims Management — With AI, insurers can streamline the end-to-end processes from data acquisition, agreement creation, authorization and approval, payment tracking, recovery, and recovery tracking. Law to communication management Bots can review claims, review policy details, investigate fraud, and process payments, making the claim process faster and efficient. #Marketing and Continuous Sales — Digital customers want sophisticated products at competitive prices. Using AI, insurance agents can gain detailed insights into their demographics, interests, shopping patterns, and other data. Agents can use this information to engage clients in context and on-demand offering policies give insurance organizations access to opportunities. Here are just a few examples. Insurance organizations can achieve more with Artificial intelligence as part of their technology portfolio. #Choosing the right platform One of the biggest challenges that insurers face while opting for AI is data security. AI system must be trained to get accurate results. Training requires massive amounts of data/transactions, including all conceivable scenarios. Which poses a risk of a data leak or a security breach. Therefore, while using AI, it’s important to choose your platform carefully. Investing in low-code digital automation platforms with next-generation capabilities such as AI, analytics, social, process automation, robotics, and the cloud is a safe solution. Not only does this platform help you drive AI in your processes. But it also allows you to take advantage of other technologies and remain competitive while managing your organization’s content, processes, and communications. Thus it destroys the silo and gives better visibility and control of the process. Look far into the Future of Artificial Intelligence(AI) in Insurance https://kalyanitechblogs.medium.com/benefiting-from-the-adoption-of-ai-in-insurance-a08f8313bcb9 3/5

4. 3/1/2021 Benefiting from the Adoption of AI in insurance | by Kalyani Tangadpally | Mar, 2021 | Medium Artificial intelligence is already building the insurance industry, and as consumers, brokers and insurers become more and more united with advanced technology and their use grows, so the change will accelerate. The best results are increased productivity and reduced risk for the insured and a significantly increased experience for the consumer. Insurance will change from In the future, AI will allow insurers to provide advisory services to policyholders, such as safer driving routes or by providing signs of potential home damage. To the situation of claiming compensation, For example, AXA offers its policyholders an “Xtra” health app, which includes a chatbot that offers personal advice on how to achieve nutrition and fitness goals. USM Business Systems is one of the leading service provider in Artificial Intelligence, HR Management systems, App Development, Data Quality solutions, Work Force Service to build interactive experiences for all major platforms. As a prominent Mobile development company, we are delivering top-notch and high-quality App development services to various brands and businesses irrespective of the industry. WRITTEN BY Kalyani Tangadpally SEO Executive and a Content Writer interested to write on Artificial Intelligence, Mobile App development, Machine Learning, Deep Learning, HRM & tech Blogs https://kalyanitechblogs.medium.com/benefiting-from-the-adoption-of-ai-in-insurance-a08f8313bcb9 4/5

5. 3/1/2021 Benefiting from the Adoption of AI in insurance | by Kalyani Tangadpally | Mar, 2021 | Medium Ai In Insurance Ai Benefits In Insurance Addoption Of Ai Future Of Ai In Insurance Impact Of Ai In Insurance About Help Legal Get the Medium app https://kalyanitechblogs.medium.com/benefiting-from-the-adoption-of-ai-in-insurance-a08f8313bcb9 5/5