What You Need to Know
- Insurance organizations can use AI to mine piles of records for useful data.
- Underwriters can use that data to speed up reviews of requests for coverage.
- Marketers can use the data to predict what policyholders will do.
Artificial Intelligence (AI) and natural language processing are rapidly changing the insurance industry.
Improved access to data, growing computing power and changing consumer expectations are all contributing to increased carrier adoption of AI.
Major life insurance and annuity issuers are using AI to make faster and better-informed decisions, to improve the way they manage risk and work with customers.
Accern offers a system customers can use to apply AI methods without coding. Here are some of the ways that insurance industry players are using AI, based on what we’re seeing on our platform.
1. Managing Multiple Types of Data.
Insurers use vast amounts of data to run their operations.
Some of the information comes in through well-structured databases or Excel spreadsheets, but much of it arrives in the form of PDFs, audio recordings, images, emails and other types of files.
Instead of using human workers to comb through the files, through manual processes that can take hours or even days and often leave room for human error, insurance organizations are using AI to extract the key data.
2. Automating Analysis
Building automation into the underwriting process can save human underwriters time and improve their productivity.