Core Insurance, Risk Management
Article | September 22, 2022
Amid COVID-19, banks began offering mortgage deferrals and slashing credit card interest rates in half for cardholders who need relief. Home and auto insurance companies COVID-19 plans are now being released. How will this impact your insurance right now? How can you save on insurance during COVID-19, while making sure to stay protected?
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Insurance Technology
Article | July 19, 2022
In the financial services industry, reliance on big data has been increasing at a global level. The usage is not limited to marketing purposes alone but extends to fraud and risk prevention. Customer demand for personalised products is responsible for this shift. The future of insurance is also being shaped differently due to this. The current lengthy questionnaires won’t be needed at all. Just the data collected will help to accurately predict risk and create policies customised to the person’s needs.
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Claims
Article | July 15, 2022
Artificial intelligence (AI) has changed the insurance industry – and customer service is no exception. One of the most common forms of AI are the use of chatbots, which Forbes defines as “software functionality that is designed to receive conversational input through text of voice and then generate a response that is also in natural language.” In other words, instead of interacting with a human, you’re “chatting” with a bot that’s programmed to understand your questions and direct you to the right place.
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Insurance Technology
Article | May 13, 2022
When building a practical framework, AI holds tremendous potential for insurers. Insurance companies can use AI to make better business decisions and provide differentiated customer experiences. To take advantage of AI, insurers need to know and clear the air about what is possible to do with AI.
Insurance with AI: Understand, Learn & Respond
Here are the ways insurers must use AI in their workforce and build a workable model.
Language: Insurers can use natural language processing using AI to extract legacy unstructured data and convert it into structured data. As a result, organizations can extract information and automatically classify it into different sections. In addition, AI can even learn and guide users to make decisions using machine learning and curtail errors.
Management: AI has emerged as a game-changer in managing the workforce, risks, and insurance functionalities and augmenting flawless products and services. While we talk about workforce management, AI puts tasks in one place, organizes them, and stores them under a data-proof model. So, no more scattered documents and pilling of files! AI is here, and it will transform and respond to businesses more efficiently with solution-driven aspects.
Efficiency: Businesses need to be proactive by having a smart workforce that adds efficiency. Before, the insurance sector had a sloppy work platform. But now, with the passing of time, they need to overcome and be more efficient at work. Using AI in your business will save a lot of time, energy and money. It will lead to faster processes that are error-free, accurate, and predictive, encourage crystal clear communication, and have fewer chances of fraud.
Insights on AI’s Role in Insurance
Existing and start-up insurance businesses will be fortified with the help of AI use cases. Let’s get some insights into AI's potential for businesses.
The global AI market is estimated to grow at a CAGR of 42.2% to $733.7 billion by 2027. The inclusion of AI in insurance records a growth of 56% until 2021.
AI has the potential to save insurance companies up to $390 billion by 2023.
In 2021, more than 40% of insurance businesses increased their expenditure on AI use cases and projects.
Source: PWC
These statistics show that AI in insurance is only going to get bigger. Investments in AI are high on the priority lists of decision-makers.
The Futuristic Hold
The insurance industry is under enormous pressure in terms of digital transformation. The rate of transformation is consistently accelerating. This paints the future of the insurance industry with AI to be more progressive with improved products and services, which will eventually host numerous opportunities for exponential expansion and reach globally.
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