Outlook Money
AI has now become an integral part of our lives and it also plays a huge role in insurance. It will help insurance companies to be more efficient and reduce costs, thus customers will benefit in the end.
With AI's Machine Learning and Data Analytics, companies can study consumer behaviour, risk factors, and policyholders’ preferences. This helps Insurance companies analyse large datasets in real time and create hyper-personalised insurance policies.
AI allows insurers to offer highly tailored insurance plans that cater to every customer’s individual requirements. It even allows the customisation of premiums based on risk assessment for each individual.
Traditionally, companies have a slow process of claims management, this has now been significantly accelerated with AI. Services like Document verification, fraud detection, and damage assessment processes have all been automated and claims can be evaluated within minutes.
AI helps companies save on costs and then benefits are passed on to the customer. With AI, companies can automate repetitive tasks like underwriting, claims assessment, and customer service which ultimately lead to substantial cost savings.
AI tools for fraud detection further reduce the financial losses that arise from fraud claims being filed. Insurers can pass these savings on to customers via lower premiums - making insurance more affordable and accessible for all.
Compiled by Syed Muskan