Applications of AI in Insurance Industry

CIO Review APAC | Tuesday, June 22, 2021

A wide range of AI technologies, such as document processing, chatbots, and affective computing, can be used by insurance companies.

FREMONT, CA: Many manual tasks in the insurance sector can be automated using artificial intelligence and machine learning. Insurance businesses can now provide faster services, assuring consumer happiness, owing to Artificial Intelligence (AI) advancements. As a result, according to research, interest in AI insurance has tripled since 2012. A wide range of AI technologies, such as document processing, chatbots, and affective computing, can be used by insurance companies. They can use these technologies to cut costs and improve customer experience in duties like claims and appeals processing, customized insurance pricing, and fraud detection.

Which AI Technologies Can Be Applied to The Insurance Industry?

Deep Learning

Insurance businesses can use machine learning models to better evaluate customer risk profiles and give optimal insurance premiums as consumer data grows. This will drastically cut expenditures while also providing a better understanding of client demographics.

Affective Computing

Emotion AI, also known as affective computing, can be used to understand customers better and take action based on their mental states. Here is how insurance firms can put this technology to work for them:

Intelligent Call Routing: Angry customers can be directed toward more experienced call agents to ensure their satisfaction.

Fraud Detection: Insurance firms can use voice analytics to determine whether a customer is lying while filing a claim.

Document Processing

To extract meaningful information in their claims processing activities, insurance companies must process large amounts of paperwork. While this is a low-skill, repetitive operation that is prone to errors, AI can help firms automate these procedures and save time and money by processing papers more quickly. One firm, for example, claims that their AI-powered document processing solution may save them up to 90 percent on document-related costs.

Chatbots

Chatbots may be extremely useful when interacting with consumers. Simple queries can be handled by chatbots, allowing employees to focus on greater value-adding activities instead of replying to customer queries, which can be time-consuming. Chatbots can also be used to route calls to specific agents based on the customer's demands.

See Also: Top MarTech Service Companies

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