Empowering Data-Artificial Intelligence
Insurance is one of the growing industries in India and abroad. It is getting highly influenced with Data analytics and Artificial Intelligence along with machine learning. Use of this advanced technologies are making the operations of Insurance Industry more precise and logically predictive. Let’s discuss how AI and Machine Learning is increasingly used in the business automation of Insurance.
ABle as Insurance Advice:
As per the Accenture’s 2017 Global Distribution & Marketing Consumer Study 75 % of consumers say they’d be happy to get computer-generated insurance advice. “One of the best examples of AI assistance in Insurance advice is ABle an AI assistance of Allstate Corporation. Allstate Corporation is one of the best insurance providers in United State. Allstate in partnership with EIS (Early information science) developed a virtual assistance called as Able (Allstate Business Insurance Expert).This Able is used to assist insurance agents of Allstate in commercial insurance product. Before arrival of Able Allstate agents used to sell general and healthcare insurances. It has been observed that when company switched itself to commercial insurance due to slow learning curve of agents they were unable to provide the relevant information to the potential client. Result of the same was Allstate call centre was flooded with the enquiries of the agents. It hampered a business due to increased waiting time of agents. ABle provides agents with step-by-step guidance on “quoting and issuing ABI products,” using natural language. EIS claims that ABle processes 25,000 inquiries per month.
Tokio marine uses AI-OCR for document recognition:
Tokio Marine has an AI-assisted claim document recognition system which uses cloud-based AI optical character recognition (OCR) service. It reduces 50 % of the document input load as well as complies with privacy regulations. In this system AI is used to read complicated, ambiguous Chinese characters (Kanji), and the “packet like” data transfer system protects customer privacy. The results of the same is over 90 present recognition rate, 50 present reduction in input time, 80 present reductions in human error, and faster and hassle-free claims payments.
Chola MS adopts mobile technology for its claims survey process:
Chola MS is India’s one of the fastest growing insurance companies, has adopted mobile technology for its claims survey process. Voice, camera and data connectivity capabilities of Samsung Galaxy Tablet is been beautifully used with the company’s vehicle surveyor application to capture and store auto survey data in one database. In the past, loss adjusters had to manually match survey notes with e-mail and photos saved in other databases before making a decision on a claim. This initiative helped to speed up the claims settlement process, increased surveyor productivity and improved fraud prevention.
Inclusion of AI and Machine learning in the sector of insurance are making insurance sector more secure and providing overwhelming job opportunities. Machine learning algorithms can be effectively utilised to predict premiums and losses for policies. Detecting risks early in the process enables insurers to make better use of under writer’s time and gives them a huge competitive advantage. 75% of Insurance sector is getting occupied and or governed with machine learning. Unless and until you are not making yourself aware of these upcoming technological trends and its applications into particular sector very soon you will find yourself out of the date.
So stay tuned and to up skill yourself in the domain of Artificial intelligence and Machine Learning don’t forget to visit http://skillville.in/course-detail%20-atifical%20int.html