Advanced artificial intelligence (AI) algorithms and machine learning (ML) have the power to revolutionize almost the insurance industry.
Today, AI can handle mathematical, logical, or repeatable operations, with companies taking more advantage of the fact that AI and ML can take over the day-to-day mundane processing tasks to streamline operations.
Machine learning (ML) and artificial intelligence (AI) are unlocking new insights, capabilities, efficiencies, and opportunities across the insurance industry and various other sectors.
Current usages of AI in the insurance industry can be seen in data analytics as algorithms pull in vast quantities of data to better understand and calculate consumer risk. Virtual claims and settlements also exist where consumers have access to virtual portals where they can interact with chatbots to get basic questions answered quickly or file a claim online.
In the near future, AI-driven algorithms will have access to more variables and more data points so they’ll be able to create more customized policies on the fly. Consumers will be presented with a custom policy options, specifically recommended to them based on their budget, habits, and lifestyle. Dynamic products will also emerge as a way as a way to put data-driven insights to better use.
As AI gains access to quality data, along with quantities of data, the more an insurance AI can surface insights for individual customers. This new level of individual understanding will map better rates; not only will it be able to offer more appropriate coverage, it may also be able to calculate a more appropriate price.
In addition, to the basic customer service chatbots that are currently in circulation, future AI will be able to streamline customer interactions with insurance companies with developed interactions of more meaningful dialogues to solve customer needs. These 24-hour assistants will pave the way for more dynamic applications like intuitive phone apps and real-time accident claims processing.
Expect AI to not only change your rates and the types of policies available to you, but also the types of interactions you have with your insurance company.