AI Is More Than Robots: Top Applications of Artificial Intelligence in Insurance
AI in insurance is packed with unparalleled potential. Let’s check out the most popular use cases where insurance companies are finding value in artificial intelligence.
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The insurance industry is quite prone to uncertainties as it’s highly dependent on global trends, ever-changing rules and regulations, and dynamic demographics of customers. Leading businesses are leveraging artificial intelligence in insurance for redefining the playing field. AI has undergone a massive transformation in the past few years, to the point that insurers can now capitalize on their AI investments with new applications. Let’s have a look at the market size of artificial intelligence in insurance and its prominent use cases in the industry.
The Global Market
The market size of artificial intelligence in insurance is expected to reach the value of USD 6.92 billion by the year 2028. It is estimated to grow at a CAGR of 24.05% in the forecast period of 2021 to 2028.
Use Cases and Applications
Let’s check out some present-day real-world use cases for artificial intelligence in insurance.
AI can extract valuable insights about leads from existing data using ML and predictive analysis. AI-powered chatbots can be incredibly useful in generating and converting leads. They help insurance businesses meet the changing customer expectations through quick responses in real-time interactions.
Artificial intelligence in insurance can help insurers make decisions based on data collection and analysis. It helps insurers get their services and offerings in front of the right audience. AI-powered tools can assess customer behavior in real-time and make recommendations accordingly.
AI is a seal-leaning mobile. For this reason, it makes use of a combination of past and present data for making precise, data-driven decisions. Armed with this knowledge, insurance businesses can leverage artificial intelligence for detecting fraudulent patterns and making tenable predictions.
Artificial intelligence in insurance can be used for automating several processes. AI-powered tools and solutions can automate claims processing and reduce turnaround times. It can streamline the process, starting from the intimation of first notice of loss to settlement.
There are a number of practical use cases of artificial intelligence in insurance. It is great at helping insurers gather relevant data about leads and customers. It also helps insurance companies automate tedious processes, detect and prevent fraud, and provide a better customer experience. It is safe to say that for insurance companies, the adoption of AI technologies offers a massive opportunity to stand out from the competition and overhaul the business processes.
Published at DZone with permission of Faheem Shakeel. See the original article here.
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