How AI technology is going to change the insurance Industry

AI technology already are widespread to every domain and every industries. It owns higher efficiency, more convenient processing ways, and more precise data collection and so on. In 2017, we published a popular post on artificial intelligence (AI) technologies that would dominate that year, based on Forrester’s Tech Radar report. Perhaps, we may have a look about these technology about AI first.

1. Natural Language Generation

Natural language generation is an AI sub-discipline that converts data into text, enabling computers to communicate ideas with perfect accuracy.

2. Virtual Agents

It is nothing more than a computer agent or program capable of interacting with humans.

3. Speech Recognition

It is like Apple phone Siri function, and is just one of the systems that can understand you.

4. Machine Learning Platforms

It is a sub-discipline of computer science and a branch of AI. Its goal is to develop techniques that allow computers to learn.They are currently mainly being used for prediction and classification.

5. Decision Management

Intelligent machines are capable of introducing rules and logic to AI systems so you can use them for initial setup/training, ongoing maintenance, and tuning. Now it has already been used into kinds of corporate applications to help and execute automated decision.

6. Robotic Processes Automation

It uses scripts and methods that mimic and automate human tasks to support corporate processes. When hiring humans for some jobs is too inefficient or expensive, well, let us try Robotic Processes Automation.

7. Image Recognition

Image recognition is the process of identifying and detecting an object or feature in a digital image or video, and AI is increasingly being stacked on top of this technology to great effect.

8. Marketing Automation

It allows companies to enhance engagement and raise efficiency to grow revenue faster. It uses software to automate customer data integration, customer segmentation and campaign management, and streamlines repetitive tasks, allowing strategic minds to get back to doing what they do best.

Have you know these AI technology already? Actually this is only small part of AI domain. Back to the topic about insurance industry to prompted by AI technology, you may be aware of these technology values. Data has always been the main things in the insurance industry, now we can no longer characterize the insurance industry as a sloth when the innovation and technology involved in this industry. Showing you some ways to refer.

Transaction and claim processing

As a highly regulated industry, the insurance industry processes thousands of claims and responds to thousands of customer queries. AI technology is used to improve this link.

Insurance advice and customer service

Machines will play an important role in customer service in insurance sections since the first interaction after determining the coverage of potential clients till ongoing customer service.

AI and Machine Learning transforming Insurance industry

As mentioned above, machine Learning technology could teach computer to learn in same way that human do. Since insurance industry always has been heavy data process, this technology will help company to reduce job stress and raise process speed then realize high efficient working with low cost