Intelligent Insurance

Implementing innovative AI-powered predictive decision-making technology can significantly improve the accuracy and effectiveness of risk assessment, underwriting and processing claims. AI-powered applications also enhance throughput which boosts operational efficiency and ensures clients are served faster. Property, casualty and life insurers can all benefit from AI solutions.

Use-Cases

Personalized Risk Prediction

Improve personalized risk prediction and accuracy of underwriting risk for individual customers. Personalized risk assessment helps personalize premium rates commensurate with the client’s risk. This also facilitates automation of quote cycles for non-standard risks.

Automated Claim Validation

Improve throughput significantly by upgrading to automated claims processing validated by Machine Learning systems. Faster throughput enables a more streamlined and efficient operation that serves clients’ faster and reduces operational costs. Machine learning systems can discover patterns of fraud, irregularities or information omission from claim history analysis and modeling and can predict future occurrences with a very high degree of certainty.

Forms/Document Recognition

AI applications with form/document recognition, handwriting recognition and signature validation capabilities can process documents, checks and forms much faster than manual processing. These applications streamline and enhance the efficiency operations resulting in shorter turnaround times with significant cost-cutting.

Customer Segmentation & Acquisition

Increase your percentage of customer acquisitions with a more personalized approach. Micro-segmentation enables context management which provides actionable data on predicting customers’ insurance needs. These insights can also be used for more successful cross-selling and up-selling. Needless to say, more customers are better for business and profitability.

Scenario Prediction & Causal Inference

Optimize outcomes through AI applications that allow predictive simulations of how a scenario will unfold based on actions taken such as variation in a product line, lowering/increasing premiums or special incentives to drive performance of agents with, etc. This drives better decision-making that leads to better products, services and outcomes.

Customer Service

Employ the predictive abilities of AI programs to provide a satisfying and memorable customer experience. Improve customer experience with omni-channel AI solutions that optimize processes for quicker turnarounds with significant cost savings. Predict customers’ needs with programmed IVR systems, email responders, web Q&A or chatbots so you can serve them better.

Although AI is still in its nascent stages, it has incredible potential to transform your business. 80% of executives believe AI boosts productivity. (Business Wire)