Artificial Intelligence (AI) is revolutionizing the insurance industry, bringing greater benefits to both insurers and customers. Insurers are leveraging this technology to assess risk, detect fraud, reduce human error in the application process, and develop more personalized products for customers. AI can help insurers operate more efficiently by automating processes with faster results at significantly lower costs. Customers benefit from streamlined service and claims processing offered by AI.
In addition to the far-reaching impacts of the COVID-19 pandemic, natural disasters, such as major wildfires and hurricanes, have wreaked havoc on every sector of the industry. This has caused insurance companies to be slower to embrace technological change compared to other industries. However, AI has the potential to transform the insurance experience for customers from frustrating and bureaucratic to something fast, on-demand and more affordable. Accolade Inc.'s Maya Intelligence platform uses machine learning to help patients and employers select the most relevant and cost-effective health insurance coverage.
Automated systems can accurately capture and reconcile data from paper forms and augment it with input from other sources, making it easier for customers to interact with insurance companies. Virtual assistants such as chatbots can also improve the customer experience. Insurers are also using machine vision technology and IoT data to carefully record the status of assets at the time of underwriting and continue to make adjustments in near real time. Video processing helps many industries make their verification processes more efficient, and the insurance industry is no exception. Insurers should develop a perspective on the areas in which they want to invest to reach or outperform the market and which strategic approach is best suited for their organization.
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