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Covid-19 will Increase AI Adoption in Insurance

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Mike Tyson famously said that "Everyone has a plan until they get punched in the mouth". Every company had a strategic plan coming into 2020. Then, Covid-19 walked into the ring. Insurance has been hit hard by Covid-19 and economic hardship. With many insurers focused on cash conservation, leading insurers can emerge from the crisis even stronger if they make smart investments in AI. Insurers' massive customer datasets and their famously manual processes create some'quick win' AI opportunities.


Insurance Technology: 11 Disruptive Ideas to Transform Traditional Insurance Company with Machine Learning, APIs, Blockchain, and Telematics

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Have you ever tried to check your insurance claim status? It often requires several calls, some emails, or even visiting an agent to get claim status details. Lack of web presence equals lower customer satisfaction. Today, nearly 61 percent of customers prefer to monitor their application status with digital tools. While some insurance carriers have made significant modifications courtesy of disruptive digitalization (we've already discussed this topic in our whitepaper), most companies trail behind. And the chasm between modern insurtech agencies and traditional ones is deepening. The disruption caused by Haven Life is a prime example.


Can AI Cure What Ails Health Insurance?

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But by 2017, that price tag had ballooned to $3.5 trillion flowing to and from insurers, Medicare and Medicaid via patient premiums and claims payouts to healthcare providers and drug companies. All told, keeping the U.S. healthcare system spinning took six billion insurance-related transactions (an increase of 1.2 billion transactions from 2016), according to the nonprofit Council of Affordable Quality Healthcare. Could artificial intelligence (AI) technologies help control the industry's rising costs and tsunami of paperwork? Insurers could save up to $7 billion over 18 months using AI-driven technologies by streamlining administrative processes, according to a recent Accenture study. By automating routine business tasks alone, the study projects that health insurers could save $15 million per 100 full-time employees.


How AI Makes Insurance Claims Processing And Fraud Detection Smarter

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AI technologies have well and truly reformed information systems by making them far more adaptive to humans while significantly improving the interaction between humans and computer systems. With this, AI in insurance industry has overhauled the claims management process by making it faster, better, and with fewer errors. From smart chatbots that offer quick customer service round the clock to the array of machine learning technologies that spruce up the functioning of any workplace through its automation power, the expanding potential of artificial intelligence in insurance is already being used in many ways. With increased awareness and resources about the game-changing influence of AI in the Insurance industry, the initial hesitations and shallow discomfort around its implementation are now fading quickly as it begins to trust in the calibre and numerous opportunities brought forward by Artificial Intelligence and Machine Learning. The only question that remains is – how far can we push its capabilities?


The Future of AI in the Insurance Industry

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With this, Artificial Intelligence within the Insurance industry has overhauled the claims management process by making it faster, better, and with fewer errors. From smart chatbots that offer quick customer service round the clock to the array of machine learning technologies that spruce up the functioning of any workplace through its automation power, the expanding potential of Artificial Intelligence in Insurance is already being used in many ways. With increased awareness and resources about the game-changing influence of AI in the Insurance industry, the initial hesitations and shallow discomfort around the its implementation are now fading quickly as it begins to trust in the caliber and numerous opportunities brought forward by Artificial Intelligence and Machine Learning. The only question that remains is – how far can we push its capabilities? In 2017, Artificial Intelligence has shown its substance in various business verticals by rapidly creating controlled, digitally enhanced automated environments for maximum productivity.