Artificial Intelligence (AI) is now a common part of our everyday lives. Advances are being made in AI, making it an essential business tool. AI machines use data to solve problems and to interact with people.
Technology with AI can replace analysts, personal assistants, and customer service reps.
The insurance industry has no shortage of data, and AI is a perfect fit. Insurance analysts use historical and current data to evaluate policies and claims to make informed decisions. AI takes this a step further to predict future outcomes. For example one of the leading insurance companies uses AI to improve the turnaround time for issuing a life insurance policy by leveraging an automated application and underwriting process.
With recent developments in machine learning, AI can help in areas such as pricing, claims, and fraud detection.
The insurance industry has many opportunities to take advantage of Artificial Intelligence (AI). It’s time for insurers to rethink their business models and incorporate AI. Not only will it improve the overall customer experience, but also it can provide valuable savings by reducing labor costs, identifying fraud, and managing risk.
If you’re in insurance and looking for better business support, let VLink help. Contact us today!
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