What can insurers gain from Artificial Intelligence? This is the biggest question that our customers ask us when trying to understand the business value of AI.
The use cases of Artificial Intelligence is plenty when it comes to insurance companies. Applications of AI like Natural Language Understanding, Machine Learning and image processing are super valuable for insurers to cut down time and the amount of effort it takes for the insurers to process claims.
According to Accenture, 75% of the insurance company executives think that Artificial Intelligence would revolutionize their business. This is a huge percentage of executives who are looking at AI seriously.
To start with, we’ve seen these three use cases of AI in the insurance industry that turned out to be of huge value to their business:
- AI as a tool for knowledge transfer when switching employees in the company.
- AI can help you reduce claims processing time exponentially.
- AI can help predict the best decision that can be made on a claim based on holistic data.
Artificial Intelligence taking over the knowledge transfer part of a company is huge, when the workforce from the claims team takes a change, AI can assist the new team to understand how decisions were made earlier, and why. This cuts down huge time and cost in transferring knowledge to the new team.
Having said that, approximately 82% of the senior executives in insurance companies believe that their business could take a humongous turn with AI in their business.
The RoI of AI also something to note here. As we said earlier, RoI of AI is something that grows overtime. At the current landscape, to stay competitive, insurers must stay ahead of the curve when it comes to improving their business process.
AI is more than just a software project
For many, implementing AI is just a matter of outsourcing to someone, and getting it done within specific time and budget. But for us, implementing AI is more than just that. You need to make sure you are working with industry experts and specialists in AI. You need to make sure you are working on a budget that might be higher than you anticipated. You need to make sure that you have a lot of data collected prior to implementing AI in your company.
If your company is not data savvy, you are not ready for AI yet.
To learn more about how AI can revolutionize your insurance company, head right here to learn about a case study of our customer. Work with our AI expert to come up with a 365 day plan to implement AI in your organization.
If you would like to discuss more about AI for your insurance company, please email me directly. Let’s do great work together.