The insurance industry has always relied on data, but the quantity of data produced everyday and the pace of processing information by the machines has developed extensive changes. The insurance industry has suffered significant changes through effects of artificial intelligence (AI) and machine learning. Regarding the innovation and technology it can’t be considered as passive anymore.
The modified Insurance Industry through the impact of AI and Machine Learning
With the developing of technology the idea and significance of AI is changing as well, but basically it can be defined as creating machines that are able to function like human beings. The theory of machine learning is based on the concept of training computers to imitate the learning process of humans. It is regarded as state-of-the-art of AI. Considering that insurance has constantly been abundant with information, it represents the perfect subject to be remarkably influenced by artificial intelligence. Several ways that are important for the modification of insurance industry are presented below.
Insurance consulting and customer service
Machines will remain the important roll and persist in taking the greater significance in customer service in the insurance industry since the first interplay when establishing what coverage will suit the best to regular customer service. The vast majority of the customers don’t have a problem with communicating with a bot; 74% of customers would be satisfied to receive a computer-generated insurance advice, as stated by one research.
Al enables individualized answers, which customers expect, by going through the consumers profile and supplying them with suggestions for the one insurance product that are significant for that consumer and which would be the most appropriate for them founded upon the criteria provided by the customer. For solving complaints and replying on the common questions this industry has begun to use chatbots which are working with messaging apps.
Processing of complaints and transaction
The insurance industry, as a responsible and systematized industry, deals with numerous claims and answers on numerous questions of user. AI is utilized to advance and develop this operation and to proceed complaints over the system from the beginning record to interacting with the consumer. Sometimes, the human communication is not needed at all. The quality of service has been greatly improved in the companies which have initiated the processing of their claims though the machines. This has also manifested as the great time saving.