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The potential for AI to augment insurance processes is significant and as this technology evolves and matures, insurers will start to see tangible benefits. From sensors collecting data, unstructured data converted to structured data, ingestion of global data pools, the AI tools of today have vast data pools to assist underwriters, risk managers and claims professionals in making profitable business decisions aligned to their risk appetites. It should be noted that even though there is a large volume of data in the market today, obtaining enough quality data is still a challenge – we must avoid the scenario of ‘rubbish in rubbish out’ - the AI algorithm is only as good as its teaching.

 

Some of the potential benefits to insurers include:

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• Ability to better price risks based on increased data inputs and algorithmic processing alignment to risk appetite.

• Fraud detection using loss ratio historical datasets.

• Repair cost estimation tools accelerating claims processing.

• Identifying inconsistencies in large datasets.

• Enabling AI-based chatbots to remove high-volume low complexity tasks.

 

 

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Read our article recently produced for the AI Journal where we explore how AI is augmenting insurance today:

 

Link:  https://aijourn.com/augmenting-insurance-with-ai-driven-solutions/