Artificial intelligence (AI) is poised companies to meet the future head-on. “From the mundane to the breathtaking, artificial intelligence is already disrupting virtually every business process in every industry. As artificial intelligence technologies proliferate, they are becoming an imperative for businesses that want to maintain a competitive edge,” explained Adam C. Uzialko of Business News Daily. The above is especially true for the insurance industry where insurers find value in using AI technologies, including robotic process automation (RPA), machine learning (ML), natural language processing (NLP), and data mining, to propel the industry forward.
Driving the use of AI in the insurance industry are two important factors.
The first is the notion that insurance is a data-intensive industry. According to Mark Breading of Strategy Meets Action (SMA), “massive amounts of both structured and unstructured data are captured, routed, organized, and analyzed. The industry has just scratched the surface on the traditional data, and new data sourced from sensors and connected devices is added to that. The possibilities to automate for efficiency and analyze for insight are tremendous.”
The second factor, which is a result of the industry’s data overflow, is the need to automate tasks and augment human expertise for more complex tasks. An example of this is the use of AI to expedite the claims process. Where sending an insurer to a site location takes time and money, using AI to assess damages can take the claim process from weeks to days. “It’s best to apply AI to areas where it will have greatest impact,” shared Venkatesh Srinivasan, Venture Leader for Cognizant Property Insights. Srinivasan explained that by using AI technologies the claims process is simplified. “Obviously it’s difficult to adjudicate a claim for interior damage remotely, but where we’re looking at damage to the exterior of a house, or the roof of a structure, we can do that remotely.”
In what’s considered the golden age of AI, those in insurance are leveraging these technologies to simplify and streamline processes. In an industry where data is plentiful and mundane tasks can be time-consuming and unproductive for human expertise, implementing AI technologies can make all the difference.
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