As the world fights an invisible enemy, healthcare services including insurance are witnessing an overwhelming spurt in demand. In such challenging times, artificial intelligence (AI) is emerging as an effective, robust, and reliable insurance agent. With virtual agents and predictive analytics, AI and machine learning (ML) in insurance are overcoming business challenges for achieving operational efficiency.
In this article, we take a closer look at how the insurance sector is evolving and improving processes by deploying AI and machine learning development services .
Applications of AI and Machine Learning (ML) in Insurance
1) Virtual Insurance Agents
After the success of AI-powered chatbots, machines are beginning to play a larger role in customer services. As Gartner projects,
In 2020, over 25% of customer service operations would be using AI-powered chatbot technology or virtual agents.
In the insurance sector, attending to routine customer queries and aiding insurance advice is a key area for utilizing AI development services . According to a recent survey conducted by Accenture, more customers are now satisfied and happy to receive ‘computer-generated advice.’
Recently, our Oodles AI team built a virtual insurance chatbot for addressing customer queries at a leading insurance portal.
Voice-controlled virtual agents and chatbots have machine learning algorithms running underneath that analyze customer needs and render personalized solutions. Chatbots integrated into mobile apps and social media channels are further streamlining and accelerating customer responses for claim queries and other FAQs. In addition, insurance chatbots bring the following benefits to the table-
a) 24/7 support for open and clear communication with customers
b) Resolve routine customer queries to channelize employee efficiency for other critical tasks
c) Analyze customer responses to extract actionable insights for the management team
d) Manage claim filing, scheduling inspections with agents, and more.
2) AI and ML for Underwriting
While virtual agents are more inclined to customer service, AI and machine learning (ML) in insurance are set to disrupt the core function, i.e. ‘underwriting.’ For most insurance companies, underwriting has been a traditionally slow operation that requires human intervention for-
a) Analyzing complex data, both textual and graphical
Learn more: AI and Machine Learning (ML) in Insurance