Artificial Intelligence (AI) encompasses everything from machine learning to the Internet of Things (IoT). Thanks to these tech advancements, AI systems are now able to perform tasks that previously required human intelligence, such as visual and speech processing, decision-making and language translation.
From self-driving cars to automated assistants, AI is rapidly evolving and finding its way into surprising daily use cases, leading people to underestimate how it’s fundamentally transforming our world. It’s disrupting and improving organizations across all industries, and now it’s headed for insurance.
Below, we’ve rounded up AI applications with the greatest potential to impact the insurance industry.
Automation
AI is providing endless opportunities in analytics, marketing and software development for innovative professionals who are able to leverage technology effectively. With AI, there will be a shift in the skills needed to work in the insurance industry. Tech savvy professionals must train for the future and learn to work alongside AI to reveal their true creative potential.
Insurance agents who once spent countless hours asking routine questions, submitting requests for insurance, filing paperwork and processing claims can now turn to sophisticated systems for accuracy, efficiency and effective execution of previously manual tasks. AI and machine learning can recognize patterns in vast amounts of data, reduce the time spent on menial work and augment insurance professionals’ capabilities.
For example, AI and automation allow insurers to cut down on claim processing and underwriting times significantly and reap sizable cost savings. Tasks that once took months to finish are now accurately completed in the matter of minutes, opening the gate for insurers to focus on more complex and creative projects. Machine learning can help insurers and agents underwrite risk more effectively, using the large troves of customer data it has collected.
In short, innovative insurers who put their trust in computers to have knowledge and abilities that humans don’t and embrace AI to complete narrow cognitive tasks wil
October 29, 2016
Not "everything" you need to know! AI is available in virtual assistants like www.creativevirtual.com and has over 10 years experience in many fields!
Posted by: Per Lind | October 29, 2016 at 03:58 PM