Best Artificial intelligence for insurance industry.
The emergency of Artificial intelligence has improved the efficiency and effectiveness of the workforce. Insurance industry on the other side is facing laxity when comes to underwriting, claims, and provision of insurance cover. But with a rapid increase in technology, this industry may fade out if it would not embrace AI on time.This idea involves the use of machine learning, chatbots, algorithms, and automation to perform tasks that were previously done by a human. The insurance industry will have to embrace this technology to fasten its tasks and make quick decisions.
Artificial technologies to be used by the insurance company
1.Visual and speech processing
This technology is used by various companies based on the fact that human speech production is bimodal in nature and the muscles that humans use to generate facial expressions are also used in speech production. With AI in place, the computer is allowed to interact with the user via verbal language and ask the user more about them and how much they are willing to spend for insurance.
Visual and speech processing.
“Very interesting right? Imagine talking to a computer and getting served within a very short time. The insurance industry should realize that people are busy with other income-generating activities and they may not have enough time to come sit in an office and wait in a long queue.”
These are platforms in some companies that digests the user’s inquiries and try to solve their problems without involving any human being. This is an easy way to go just to reduce congested office lines. It makes it easier for users to inquire and get redirected to the right personnel.
“Wow, This is very convenient since you don’t have to travel or look for an insurance office or agent.”
3.Insurance financial AI advisor
This is a Robo-advisor technology that applies artificial intelligence to learn about an insurance investors and build a personalized profile based on their financial plans. The technology uses algorithms to automate trading, transactions, tax loss, and portfolio management.
4.Predictive recommendation AI
Based on the user’s previous behaviors, this technology could fetch relevant data and information that makes it easier for the user to access or follow. This idea has been used by companies such as Alibaba, amazon among others that sell online products and fetch similar products to the user whenever they search for other online products.
Insurance companies should also embrace this technology by providing users with relevant insurance quotes, cover, and advice. In this case, the questions asked by the user should have referrals that redirect users to the main insurance hub or group to get answers. Also, an insurance company can use this technology to improve its niche and get more directories.
Let’s say someone is looking for a life insurance cover and needs to get more information about it by searching it on google, the predictive recommendation AI will even help the user ask more relevant answers which will eventually direct the user to the right place.
“Sounds amazing right?”
5.Claim approval AI
The most important element that markets the insurance company is how long it takes for them to approve a claim and how easy it will be.
Most insurance companies employ individuals to read, evaluate and consider whether to approve applicant claims or not. This might take days or even weeks to reach a client who was stuck and only praying to God to help them in their situations.
Suppose an insurance company could have this technology, many applicants will have their claim approved within or even less than 24 hrs. This makes it easier to people to move on with other errands.
The role of an underwriter in an insurance company is to evaluate and determine whether the person applying for insurance should be insured or not. Just as the claim procedure, this concept requires more time and reading. It might take weeks or even months to get insured.
This discourages many from applying for insurance. Now, imagine having underwriting AI in an insurance company or industry where you just apply and the technology evaluates your application within 24 hours.
This will be a more flexible way to encourage people to apply for insurance since no traveling, no congestion, and easy to apply.
7.Application of Hopper
Just like the travel industry where app users are allowed to book the lowest prices for flights, vacations, and rentals, insurance companies should utilize this technology to send customers notifications of insurance quotes at different times. This application scans hundreds of insurances quotes and picks the most updated prices.
Using historical prices and dates, the application will make recommendations to users on whether insurances quotes have reached their lowest price point and users should be ready to purchase or wait a bit longer for more affordable prices.
8.Social media artificial intelligence handler
Most online users spend more time on social media. To grab the attention of these users, the use of AI that can monitor their activities and feed them with relevant insurance information and available companies based on their location will help insurance companies reach millions of people in a short time.
This will save the most money spent on insurance agents to educate people on when and why they should take insurance.
Having noted the above artificial intelligence ideas, insurance companies can now open up and start investing in technology for future prosperity. This will also increase their sales through a high number of people engaged by the AI. This means that it is never too late for insurance companies to start this because technology is moving very fast and require the active participation of technological personnel.
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