The insurance industry is built around assessing risk from vast quantities of data via a myriad of sources, then translating that assessment into offering policies to potential customers.
AI computing’s processing abilities can streamline and optimise this process, by performing repetitive tasks at lightning speed, whilst assessing both Big Data and personal details at a granular level, enabling insurers to offer low-risk products at attractive prices.
A whole new world of possibilities has opened up due to the sheer processing abilities of AI driven computing. Fraud detection can be improved in terms of speed and accuracy, customer engagement, claims management, document handling, lead generation and hyper-personalised bespoke policies can be produced in seconds.
Policy pre-conditions and calculated premiums no longer need to rely upon aggregated historical data from many policyholders. Instead, an individual’s known behaviours and preferences from real time information can allow risk to be calculated on a per-person basis.
No longer will poor drivers penalise safe road users; health insurance premiums will be more affordable for those who are fortunate enough to be fit and well.
It’s a brave new world of AI underwriting and claims management, so download this document today, because early adopters of AI Insurtech will very soon be the market leaders.
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