Artificial intelligence has been named a disruptive force in multiple areas, including finance, healthcare, and security. The insurance sector can benefit significantly from these advancements of cognitive technology too. This is made possible with the heaps of data collected by insurance companies and not used to their full potential.
In the insurance business vertical, AI can have a positive impact at every level, from automating call center request processing to helping make accurate assessments and executive-level decisions.
Through its power to recognize patterns and anticipate actions, AI can provide a predictive environment where risks are anticipated and hedged.
Applications of AI for Insurance
There are numerous ways to use AI in the insurance industry. So far, it seems that the main areas of AI application in insurance include customer experience (58%), process optimization (43%) and product innovation (19%), from a 2018 study by Everest Global.
Ilya Kirillov, CEO of InData Labs, comments:
Expert consulting is an essential part of every successful AI project. At this stage, professionals can help alleviate difficulties in drawing up a custom AI solution development plan and outline business-focused functionalities.
Fraud Prevention
A report by the FBI shows that the cost of insurance fraud is estimated at more than $40 billion per year. The ...
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