05 May 2021

How Insurance Companies Make Use of AI?

Written By Code & Pepper

How Insurance Companies Make Use of AI?

Digital disruption invented and implemented by FinTech companies is a double-edged sword. Companies that went after main-street banks and traditional insurance firms, now face another era. They have to innovate to stay alive. How leading insurance companies make use of artificial intelligence (AI) will make or break their businesses. 

How can AI save insurance companies time?

The short answer? By implementing a series of solutions that help evaluate and pay off claims. The long answer? By utilizing these 11 innovative ways to sustain and grow business:

  • Insurance pricing
  • Application processing
  • Chatbots
  • Affective computing
  • Deep learning
  • Claims processing
  • Appeals processing
  • Document creation and processing
  • Responding to clients’ questions
  • Personalized services and solutions
  • Claim fraud detection

To learn more and see some practical examples from the industry, check out the full article about the uses of AI in insurance.

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