Unleashing the Power of AI in Insurance Technology

Unleashing the Power of AI in Insurance Technology

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Customer Services ďƒ˜ AI-enabled customer bots that respond to customer queries 24/7 are integrated with various channels like websites and social media to engage without any barriers. ďƒ˜ Most of the present generation prefer to message a bot rather than calling at customer care. So, customer ease is raised with Artificial Intelligence.

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Fraud Prevention

ďƒ˜ AI-ML analyzes historical claims data and identifies a set of patterns to detect frauds at an early stage only. ďƒ˜ The efficiency of automation by AI works better than the manual effort of fraud prevention.

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Claims Management ďƒ˜ Artificial Intelligence streamlines end-toend claims process including data capture, settlement creation, authorization and approval, payment tracking, salvage and recovery tracking, legal matter processing, and customer communication management. ďƒ˜ The AI-based chatbot reviews the claim request and checks for fraud which makes the claims management process quicker yet efficient.

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Marketing and Cross-Selling/Up-Selling ďƒ˜ With the help of AI, insurance carriers and insurance agents leverage meaningful insights into customers’ demographics, interests, shopping patterns, and even social media activities for that matter. ďƒ˜ This enables insurers to monitor customer behavior and to tap the cross-sell and upsell opportunities in their insurance businesses.

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Conclusion

To compete in the race of insurance ecosystem, it is high time for insurance businesses to level up their insurtech and transform their routine processes with the power of Artificial Intelligence.

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