Machine Learning and Artificial Intelligence: Applications for Insurance
AI is no longer the stuff of science fiction or scary movies; insurers are already using automation and AI to collect and standardize data and to work more efficiently and productively. Experts interviewed for this forward thinking piece include executives from Tyche, Risk Genius, Captricity and Drive Spotter. Each organization shares its unique take on artificial intelligence and how it can be used to solve problems in the insurance business.
Some real-world applications for artificial intelligence in insurance include:
More efficient policy review and renewal: An average time of 2-4 hours to review a commercial insurance policy adds up fast. Automated software can speed the process and improve both efficiency and productivity. And the time reduction is significant: AI can reduce the lengthy process to under an hour in many cases, according to Risk Genius. The AI software can handle the intake and analysis of a policy review and prepare a comprehensive but easy to use document for a human review to finalize in a fraction of the time it takes to do the job manually.
Measurable performance and risk assessment: Commercial auto insurance can use tracking for fleet management to look at data to see how a business performs. Are drivers consistently going too fast, running lights or engaging in other activities that could increase risk? An automated system can review the data from the entire fleet and come up with an accurate portrayal of risk for a particular brand or location.
Integrating data sets: Digitizing and standardizing data, including death certificates, allows for better understanding and precision for actuarial tables. Integrating data that is currently housed all over the country in hundreds or thousands of formats allows for a better understanding and analysis and easier access to accurate data for insurers.
Standardizing information: According to Captricity's Adithya Raghunthan, AI software that allows for the scanning and recognition of documents that have been hand written can help standardize those forms and make them instantly accessible online. Employees won't have to take turns with paper files or track down and attempt to interpret a handwritten from with this technology.
For customers, AI can help reduce insurance costs for the commercial and business consumer and help expedite claims and policy renewals. Better access to more accurate data helps both provider and customer have the best possible experience. Used the right way, AI and related technology can help insurers serve customers better, mitigate risk and improve their bottom line.
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