5 key factors in insurance AI success

Increasingly, insurance companies are leveraging artificial intelligence (AI) and machine learning to optimize processes, reduce costs, and increase efficiency. For example, Ant Financial's Dingsunbao app is able to make damage assessment and provide detailed analysis including claim amount, damaged parts and repair plan by leveraging AI technologies such as image recognition. Similarly, a public insurer in Germany employs an algorithm to manage the large amount of email correspondence by detecting keywords, sorting correspondence according to topics, urgencies and departments, and suggesting next best actions. In addition to unlocking greater efficiencies and lowering costs, AI and machine-learning technologies can also be applied to help insurance companies acquire new customers, cross-sell and grow revenues. For example, AI and machine learning can provide insights to support more effective customer segmentation, automate and personalize product recommendations, and enable more intelligent and customized self-service product research for customers.