3 MACHINE LEARNING BUSINESS BENEFITS FOR INSURANCE COMPANIES

GIL MALETSKI | March 19, 2018

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There are many ways that machine learning and cognitive computing can help insurance companies evolve into the types of service providers that customers are demanding in our connected and advanced world. Some of these business benefits are connected to greater efficiency, while others help provide a unique customer experience.

Spotlight

Allcat Claims Service

Allcat Claims Service was formed in 2000 by a group of independent adjusters who believed there was a place in the claims industry for a fresh approach. The ownership believed the new ideas and experience each brought to the new company would provide unparalleled service to its clients. Allcat Claims Service places a premium on quality control, quality adjusters, and being ahead of the technology changes. Most importantly, we pride ourselves on handling claims both professionally and ethically. Our commitment to “Raising the Bar” has allowed us to grow our client and adjuster relationships over the years into something special.

OTHER ARTICLES

10 Most Impactful AI-based Insurance Innovations of 2019

Article | April 13, 2020

The year 2019 has been a benchmark in insurance innovations that brought in new value propositions to the industry. What’s more remarkable is — both traditional Insurers and Insurtechs are striving to offer simple, convenient, and value-added customer-centric products coupled with technology initiatives. Here are 10 noteworthy insurance innovations that shaped the industry this year.

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How is automation changing the way insurance companies work?

Article | March 3, 2020

Job automation has shaped cultures and economies since before the agricultural revolution, throughout industrial revolutions and into the current digital age. The insurance industry is not immune, with automation and innovation continuing to drive the scope for significant change. Traditional automation has been transformative in automating simple, repeatable tasks in back-end processes. Robotic process automation (RPA) combined with artificial intelligence and machine learning capabilities can be, and are being, used to automate high volume and high frequency tasks that have traditionally required human intervention.

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Putting a price on protection: the importance of cyber insurance

Article | March 23, 2020

For almost as long as businesses have been subject to risk, some form of insurance has existed to mitigate their exposure. The first recorded commercial insurance policies date back to Babylonian times, and in the thousands of years since, the types of business cover available have multiplied exponentially, driven by the uptake of technology. It’s now over 20 years since the first cybersecurity policy was written. At the time, this was considered groundbreaking – although by modern standards, its scope was limited. These days, cyber insurance providers cast a far wider net. By 2025, it’s expected the global market size will grow to over $23 billion. Some policies cover the costs arising from first-party data breaches, while others cover liability for damages, providing assurance for companies who collect and store sensitive customer information.

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How AI will improve CX in insurance

Article | March 10, 2020

How many times have you called customer service expecting a quick answer, but were instead passed around to a number of different people who didn’t have your full story, forcing you to repeat yourself unnecessarily? And how many times did this lead to a much longer-than-expected resolution? We’ve all experienced this at least once and as a result, we understand the importance of streamlining experiences to keep customers happy. It begs the question: How can you deliver an experience that doesn’t leave customers running for the hills?

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Spotlight

Allcat Claims Service

Allcat Claims Service was formed in 2000 by a group of independent adjusters who believed there was a place in the claims industry for a fresh approach. The ownership believed the new ideas and experience each brought to the new company would provide unparalleled service to its clients. Allcat Claims Service places a premium on quality control, quality adjusters, and being ahead of the technology changes. Most importantly, we pride ourselves on handling claims both professionally and ethically. Our commitment to “Raising the Bar” has allowed us to grow our client and adjuster relationships over the years into something special.

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