Artificial Intelligence Can Potentially Alter How We Do Business Insurance

It would seem that there isn’t a thing that artificial intelligence isn’t going to alter. After all, it’s touted to be the technological development of the decade. Soon we’ll have artificial intelligence in almost every tech that we currently make heavy use of, whether it’s in our smartphones, our cars, or even the appliances we have in our homes.

But, I’m pretty sure that there’s one thing that’s on everyone’s mind. As we wait for artificial intelligence to become developed to the point that it’s ready to be deployed in its fullest capacity, we can’t help but wonder how it’s going to affect us all. That same sentiment is shared by us, the people in the business insurance sector. So, what exactly can we expect from the advent of artificial intelligence in relation to our industry?

Insurance Fraud Detection

The number of insurance fraud attempts is staggering. Over half a million insurance fraud attempts were detected in the UK alone and most of these frauds were successful. 

AI and machine learning tools are able to detect and flag unusual behavioural patterns that humans might overlook as opposed to having to manually fact check each and every claim along with each circumstance described in those claims.

A prime example of this is when AI can be programmed to sift and search for any sign of a fraudulent claim from social media accounts. Anna example of this is if a claimant says his business warehouse caught fire when it was in fact his house that caught fire according to his social media posts. This task is something that artificial intelligence would do better than humans because (admittedly) it’s a really tedious task to perform manually.

Enhanced Customer Service

Artificial Intelligence can help customers by monitoring select actions and by alerting customers if an action they are about to perform is going to cause their insurance premiums to increase. While this may seem intrusive at first, this is in fact beneficial to customers as it basically changes the approach that insurance companies have toward their customers from that of a repair and replace model to that of a monitor and prevent model.

Faster Claims Settlement

Based on the fact that the insurance industry is among the least innovative industries in terms of its process, it still hasn’t changed for the past few decades. An outdated process means that insurers are forced to work with outdated equipment which, in turn, frustrates customers.

With artificial intelligence integration, there could be a real chance that insurers can automate their processes, thereby making them more efficient as a company, which in turn means that entrepreneurs will be able to secure business insurance with much more ease.

Yes, artificial intelligence is bound to bring drastic change to almost every industry. Even as this fact is commonly known, the value in knowing how this technology is going to affect your industry is what’s going to allow you to prepare for its integration. Those who are able to integrate new technology in the quickest and most seamless manner are those who are able to maximise its benefits. 

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  • Editorial Director of the The Fintech Times

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