AI Application in Insurance Industry - The Fintech Times

Many insurers are investing in AI beyond MLwhich is one of its subfield. Opportunities range from an enhanced Customer Experience (reduced cycle time, personalized advisors through chatbots, fast track Claims management), to productivity efficiency, pricing sophistication, churn risk anticipation and accurate Fraud detection patterns. Insurers can either build internal capabilities, partner with start-ups on these fields or do both to accelerate time to market impacts. AI is a great enabler. Nevertheless, the right balance between human contacts and AI is key.