The technology of AI, known formally as artificial intelligence, is nothing new. Insurance companies across the nation are now considering what advantages AI can provide for their operations. Many insurance companies are already familiar with the basics of AI, but there are many ways to implement and utilize it for your insurance company. Here are four different ways that AI can help insurance companies better meet the needs of their clients.
Develop Customized Insurance Products
One thing that AI does very is help to develop customized insurance products that meet specific consumer needs. At the very basis of AI is the ability to digitally collect data about consumers. Having information such as their family size, location, home, and social activities can allow insurance companies to better understand what types of insurance products are going to fit best for an individual consumer. For instance, if a consumer just got married, they may be looking for life insurance or home insurance. With AI, the insurance company can analyze a person’s life stages and offer customized products that match what the consumer needs at the right time. In this way, AI can be used to personalize the often impersonal insurance process, pleasing clients and making your company more customizable to consumer needs.
Enhance Customer Interaction
Another thing that AI does well is boost customer interaction. Chatbots, known more formally as Conversational Interface Technology Platforms, are a powerful customer interaction tool that insurance companies can leverage. These platforms allow AI to power a question and answer consumers about a variety of topics. When it comes to answering simple questions about policies and claims, AI can take over and eliminate the need for insurance workers to answer these repetitive questions. These systems can also signal when a question is too complex and needs human interaction.
Pick Up Fraud Early On
Some extremely cool technology that has been produced in the field of semantic language processing is offering a major benefit for insurance providers. This AI technology uses voice analysis that scans a customer’s voice when they call in a claim. This AI will scan for things like deceptive voice tones and place the claim into various categories depending on what it finds. For example, the categories could be pay out, investigate, or hold.
Settle Claims Faster
With the use of various AI technologies in combination, it’s now possible for insurance companies to expedite the claims process. The best part is that human interaction isn’t always required to pay out claims. This allows for payments to be handled digitally and their data recorded for easy accounting. With faster claims settlements, more consumers are likely to purchase insurance products from your business.
AI is transforming the way the world operates. The above are just four of the many ways that AI can be integrated into the insurance market. This will help to provide better customer service at less of a manual cost for the insurance company.