AI technology is changing the face of many industries, sectors, and markets, and the digital insurance sector is one of them. According to Genpact, companies that utilise AI and cognitive technologies will be ten times more efficient and will boast twice the market share of enterprises without them. As such, if you build an app for enterprise with Builder.ai, you may want to think about how these technologies can benefit your company.
For more information on how AI tech is improving the digital insurance industry, check out the rest of our article below.
Many AI-based technologies have made a significant impact on the digital insurance industry, including Machine Learning, Natural LAnguage Processings, Deep Learning, and Neural Networks.
Chatbots can resolve questions and queries related to products, claims and billing statuses and frequently asked questions. Unlike human customer service operators, chatbots are available round the clock, enhancing the overall customer experience and saves money for the company.
AI technologies like Natural Language Processing (NLP), image processing, and pattern recognition can automate many processes across the insurance sector, from insurance sales and risk management to customer service and claims management.
Companies can use predictive analytics to predict the outcomes of a specific event, identifying risks and or the likelihood of a fraudulent claim. This technology mines data from real-life events and identifies the variables that result in the outcome. These variables then create a static formula; the predictive analytics process can be improved when combined with Machine Learning. As such, these formulas will be continually adjusted.
Natural Language Processing (or NLP) analyses human language, written and spoken, which has had a massive impact on the customer service side of digital insurance, bringing huge savings due to the reduction of call centre staff. In addition, the same technology is helping companies draft policies to suit their client’s specific needs.
Using Deep Learning tech, computer vision takes images and videos, scans them, and recognises patterns. This helps detect fraud by verifying whether documents are authentic, checks damages to a property before processing any insurance claims and more.
There are numerous benefits that come with using artificial intelligence in the digital insurance industry. These include:
AI tools and data received from IoT-enabled devices, not to mention our information sources, can help insurance companies gain better insights into the behaviour of their clients. This allows them to formulate individualised policies, offer new products, and adjust their pricing accordingly.
When an insurance company settles claims, they have to fill out lots of paperwork, resulting in a lengthy and time-consumer process. Machine Learning helps automate this procedure, which reduces claim settlement processing times from the moment the claim is reported straight through to the final settlement.
Thanks to facial recognition, sentiment analysis, and similar technologies, instances of fraud and identity theft can be largely eliminated. Similarly, data analytics and visualisation tech can assess potential risk areas that would otherwise go unnoticed.
AI is playing a massive part in reducing claim processes and helping with underwriting, which is where many customers experience delays. New technology improves the processing time of contracts and payment verification, which saves customers a lot of time; they are no longer inquiring about their payment or application. In addition, AI technology also lends itself to the personalisation of pricing, which means customers are having their insurance needs met and enjoying a more positive customer experience all-round.
As you can see, AI technology is changing the landscape of the digital insurance industry. As such, you may wish to utilise these concepts when creating your own app. Use our business app builder today and make an insurance app that benefits your company and clients. Whatever your mobile application requirements, Builder.ai is here to help.