Five things every insurtech company needs to know about AI
2 min readOct 22, 2019
- Artificial Intelligence- As we know it is nothing but the ability of machines to perform tasks using machine intelligence without any errors or risk. It reduces human intervention and causes ease of performance, along with time and cost reduction.
- Insurance and artificial intelligence- Just like any other industry, insurance is also using artificial intelligence to progress in the spheres of customer service an experience, on-boarding and underwriting. AI enables a more personalized approach, efficient use of analytics and more measured approach.
- Reduction of fraud and error- Issues born out of identity theft, KYC verification and grant of loans are more often then not prevented due to algorithms that detect fraud and predict risk. Such solutions either send an alert to the insurer as soon a risk is detected or automatically halt the transaction taking place.
- Efficiency- Not only does AI replace all the manual labor but it also completes the whole process swiftly, in many cases within seconds. This along with saving time, reduces processing cost and brings in the efficiency to process thousands of policies every single day.
- Customization- A major advantage of using AI in insurance is that each solution can be customized to the liking of the insurer according to their offering and at the same time serve the customers to their satisfaction by providing personalized plans that match their needs and requirements.
