Artificial Intelligence (AI) is helping insurers get more done with better accuracy. Here are some statistics and strategies for implementing AI for your insurance business.

What can insurers gain from AI? This is the biggest question that customers ask when trying to understand its efficacy.

The use cases of AI are plenty when it comes to insurance companies. Applications of AI like Natural Language Understanding, Machine Learning and image processing are extremely valuable for insurers to cut down time and the amount of effort it takes to process claims.

According to Accenture, 75% of the insurance company executives think that AI would revolutionise their business. This is a huge percentage of executives who are looking at AI seriously.

To start with, we’ve seen the below use cases of AI in the insurance industry that turned out to be of huge value to their business: 

• AI as a tool for knowledge transfer when switching employees in the company.
• AI can help you reduce claims processing time exponentially.
• AI can help predict the best decision that can be made on a claim based on holistic data.
• AI taking over the knowledge transfer part of a company is huge, when the workforce from the claims team takes a change. AI can assist the new team to understand how decisions were made earlier, and why. This cuts down huge time and cost in transferring knowledge to the new team.

Having said that, approximately 82% of the senior executives in insurance companies believe that their business could take a humongous turn with AI in their business.

As we said earlier, RoI of AI is something that grows overtime. At the current landscape, to stay competitive, insurers must stay ahead of the curve when it comes to improving their business process.

AI is more than just a software project

For many, implementing AI is just a matter of outsourcing to someone, and getting it done within a specific time and budget. But in fact, implementing AI is more than just that. You need to make sure you are working with industry experts and specialists in AI. You need to make sure you are working on a budget that might be higher than you anticipated. You need to ensure that you have a lot of data collected prior to implementing AI in your company.

If your company is data savvy, it is time to explore AI to reduce time & effort and increase accuracy.

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