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Keynote address: Think bigger: ML and what it means for you
The insurance industry has been notorious for its outdated processes, especially when dealing with claims. Currently, claims are touched by multiple employees; however, new processes of ‘touchless’ claims require no human intervention, with AI used to report the claim, capture damage, audit the system and communicate with the system. AI could also help fighting one of the most costly elements of the insurance industry: fraudulent claims. How is AI already being used in the industry and what pilots have already been successful?
Insurance is a competitive market, so a strong marketing strategy is vital. AI can pull in customer data to create a full profile that can be used to offer only relevant insurance products and remember a customer’s preferences.
Chatbots work through messaging apps many customers already have on their phones, which makes them a natural next step in customer interaction. Effective chatbots can process concerns that are either typed or spoken from customers and provide personalised service. How are chatbots already making an impact on resolving claims, selling products, addressing leads, and making sure customers are properly covered by their insurance?
Instead of spending valuable time and money on the underwriting process, which typically includes invasive questions and surveys about to dictate premiums, AI could automate the entire process. Bots could potentially scan a customer’s social profile to gather information and find trends and patterns. How is AI impacting the offering of insurance and protecting insurers from risky customers?
When it comes to AI, regulation could mean anything from establishing boundaries on what can be developed to pre-determining what jobs must remain in human hands. Policymakers need to sense public willingness before they act, and AI is still yet to be fully commercialised. But, we should not fall into the trap of thinking regulation will never happen. All indications are that the discussions are just getting going and moves to regulate AI are not as far away as some might think – but what time frames may we be working towards?
Insurance is driven by data, and it has a huge effect on the company’s bottom line and the satisfaction of the customer. Telematics, or wireless communication of data back to an organization, is already a huge area of growth for insurance. Many insurance companies already offer discounts to customers who transmit their driving data back to the company. What is your current use of AI and telematics in data collection?