AI-enabling the insurance value chain

APR 05, 2021

Introduction: Bigger Opportunities

Machine learning and Artificial intelligence provide immense opportunities for the insurers who adopt these technologies effectively. These technologies essentially have the capability to transform various areas such as claims, customer service, marketing, underwriting, Straight-through processing (STP) and Fraud detection.

The adoption of AI-enabled services has grown exponentially across industries in recent years. These services are reorganizing and uplifting organizations across all industries - even insurance. Increased data consumption, changing digital capabilities, and increased consumer expectations, all have accelerated AI development and usage. Consequently, artificial intelligence is continuously creating versatile opportunities for business growth.

Some of the key areas insurance companies can improve using AI are:

  • Precise and advanced automated setting of pricing, which is based on risk computation