AI and ML are just some of the tech that is revolutionizing the insurance industry. But what is the role of insurance in this? We are trying to figure out the answer in this blog series. In this part, we will talk about AI and ML!
Most firms are looking towards new technology as a means to reinvent their business processes and improve efficiency. However, some areas of innovative technology are still treated with caution. Artificial Intelligence (AI) is a good example of this. When applied correctly within a business, AI has the ability to reduce costs. Cost is the primary problem for some firms. But also, AI can increase efficiency, and help businesses target their markets more effectively, like expanding into new territories. Accelerating data analysis and informing key business decisions are just two examples of where AI can transform business operations.
However, AI usage is yet to reach its full potential in home security systems and InsurTech. Insurance firms believe that AI can predict and identify false alarms better, using existing databases and initial pre-assessments. In this way, they want to reduce costs and resource use for insurance firms. AI also has the potential to reduce fraudulent claims. AI works to stop insurance fraud by analyzing data that can spot. This ultimately saves insurance companies' money and resources.
Blockchain, the Internet of Things, artificial intelligence and machine learning have driven the industry in a new direction and encouraged and a more transparent relationship was born between consumer and insurer. We will see what kind of integration plan that the future has for all this new technology and the ınsurence industry.