AI is an important part of everyday life, and is integral to many activities from algorithms on the internet to self-drive cars. This technology could be used within the insurance industry to drive innovation and to improve the overall customer experience, which will put you head and shoulders above the competition.
Applications within the insurance industry
If you think that introducing AI into your business has to be a big commitment to the level and impact of ChatGPT, you’d be wrong. There are many low-key ways of implementing AI which will have positive results for your business processes. There are three main areas where AI would be beneficial.
Customer Experience
Virtual Assistants - By introducing Chatbots or Virtual Assistants to your website customers will be able to get answers to the most frequently asked questions 24/7. They can then be guided through the insurance process, get help with common policy enquiries and receive basic trouble-shooting whenever they need it.
Predictive Analysis for Pricing - Using AI-driven predictive analytics will provide easier, quicker and more accurate pricing based on customer risk and specific circumstances. For the customer this could mean quicker and more accurate quotes.
Automated Underwriting - Policy approval times can be improved by introducing automated underwriting, which uses AI models meaning there will be more consistent decisions across the board.
Fraud Detection
Anomaly Detection – Machine learning algorithms can identify unusual data patterns and can flag them as potential fraudulent claims, quicker than could be caught manually.
Social Media Monitoring – It can be surprising what fraudulent activities can be picked up on social media if you have the time and capacity to monitor it. This is where AI tools can help. They can monitor social media and help to verify claims or flag them as potential fraud.
Behaviour Analysis – Often people behave according to type and with the help of AI it is possible to analyse historical customer behaviour data which could help to detect fraudulent claims.
Claims Processing
Automation of Routine Tasks – Not all tasks need to be carried out by a human, and by automating routine tasks like data inputting and document verification can speed up the claims process as well as freeing up your staff for more skilled work.
Image Recognition – AI can be used to assess images of damaged property which automates another time consuming part of the process as well as speeding up the claims procedures.
Predictive Analytics for Claims Handling – It is possible to use predictive modelling to determine claim complexity and to allocate resources accordingly. This can speed up the claims process and enable your staff to be more productive elsewhere within the business.
How to get started
In order to be innovative in your approach to customer service and claims processing you don’t need to implement all of these suggestions in one go. In fact introducing AI in just a couple of places can vastly improve the customer experience, enabling your business to continue growing.
However, choosing the right AI tool to use, knowing how to implement it and how to ensure it is accurate can be a daunting task if going alone.
Wouldn’t it be useful to speak with people who have already introduced AI into their businesses?
How much do you think you could learn from their successes and more importantly their mistakes?
This is where Camelot Marketplace can help. We ensure that our members are all C-suite level executives with years of experience within the insurance business. This means they will be able to provide you with exactly the support and guidance you and your business need. For more information speak to a member of the team today.
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