Unleashing the Power of AI in Insurance Technology

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Unleashing the Power of AI in Insurance
Technology
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Table of Contents
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• Introduction

• Value Addition of AI

• Customer Service
• Fraud Prevention
• Claims Management
• Marketing and Cross-Selling/Up-Selling

• Opting for the Best AI-based Insurance Software
  Solution- Conclusion

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Introduction

• Insurance businesses are adopting new-gen
  technology to leverage technical benefits for
  different insurance functions. McKinseys report
  shows that a successful AI implementation
  achieves an annual value of up to 1.1 trillion.
• So, let us deep dive into the core functions of
  the AI in Insurance Software.

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Customer Service
Fraud Prevention
Value addition of AI

• Claims
• Management

Marketing and Cross-Selling/Up-Selling
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Customer Services

• 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.
• 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

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

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Claims Management

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

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Marketing and Cross-Selling/Up-Selling

• 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.
• This enables insurers to monitor customer
  behavior and to tap the cross-sell and up-sell
  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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