Why is AI the future of the insurance industry?

Cath Sandoval
Copywritter

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Mathematics and human creativity have been used for centuries to solve different problems, giving way to developing new and increasingly complex technologies that seek to “emulate” their creators, humans.

Artificial intelligence is one of the most widely applied technologies in many companies worldwide, allowing them to perform activities more simply and optimally. 

It is important to remember that technology has a surprising quality: constant evolution, which allows it to reach limits beyond imagination, always being able to innovate and transform itself.

The future of the insurance industry is undoubtedly in the hands of technology, particularly artificial intelligence, and in this article we will tell you why.

AI is the future of the insurance industry

There is no doubt that the pandemic has ushered in new challenges for insurers, which will have to get down to work to survive in today’s competitive world. 

The insurance industry has a lot to offer in the future, as it is a sector with a long way to go in terms of development and advancement. A significant insurance transformation is expected thanks to artificial intelligence and other technologies.

Now, we will give you enough reasons why you should not miss the opportunity to apply AI in your insurance company:

  • It analyzes a large amount of data and, based on it, can predict future behavior, which insurers can use to offer customized products tailored to their customers.
  • It allows processes to be carried out more easily and quickly, reducing costs for companies and enabling them to make better decisions and improve the quality of the services they offer. 
  • Did you know that between 30% and 40% of an insurer’s time is spent on administrative tasks and manual paperwork alone? This is undoubtedly a stimulus to allow digitalization and automation of tasks with AI, which requires minimal human involvement.
  • It can project how the market will develop in the near future even before it happens.

Even though customer preferences are constantly changing, thanks to AI, it is possible to predict these changes promptly to always offer the best service at the right time.

  • Damage assessment is a reality, and with just a few photographs, the AI can distinguish between a damp patch or damage, for example. Similarly, claims that used to take a long time to verify can now be resolved in a matter of minutes.
  • The insured will be able to take control of the management, i.e., the insurers’ service contracts will be quicker and simpler for the client. Likewise, modifying a contract will no longer be a lengthy protocol but something rapid and easy to do.
  • It is known that for most insurance companies, claims, payments, and billing are the areas that generate the highest volume of queries. Therefore, consumer expectations when they have a problem are very high.

For this, chatbots have become very relevant to the sector. They learn with each exchange, which improves how they can communicate with customers.

Thanks to its great benefits, this technology becomes the first door for a policyholder to report a claim, initiate a policy contract, and even leave their doubts and queries, so it fits like a glove to go in search of happy customers.

Finally…

The insurance industry is one of the sectors that can benefit the most from AI due to the large amount of data needed for its day-to-day operation. The speed at which this data is processed determines the quality of service and response to claims, so coupling faster with artificial intelligence translates into faster and more effective coverage.

One thing that cannot be doubted is that customers are the ones who call the shots and have the final say. They are the ones who create or modify the way companies compete and win. The insurance industry’s success will depend on how quickly they respond to those changes.

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