The use of AI in the Insurance industry is almost second nature. The insurance industry has long been built on data, and AI is quickly having a significant impact across the entire sector. Today’s early adopters are using AI and machine learning to model risk scenarios, screen customers and redesign insurance products to reduce risk, and costs as well as increase revenues and customer and employee satisfaction.
Capable of processing data on a scale that humans could never handle, insurers are using AI to unlock significant efficiencies, save time, reduce costs, and improve profitability across every aspect of their operations. Everything from customer acquisition to analysing and automating claims processing.
According to research firm IDC the use of AI in the insurance market is set to grow 32% by 2026, with insurance firms using AI to:
AI in insurance – Let’s look at some of the emerging use cases where AI is being used to generate benefits across the insurance sector.
AI in Insurance – AI is Enhancing Customer Acquisition for Insurers
Insurance Firms are using AI to identify potential customers and deliver relevant products that are tailored to suit individual needs. Using customer responses to select questions, AI can tailor insurance products, rapidly generate a quote, and process the issuance of an insurance policy with zero need for a human agent to step in and assist.
AI in Insurance – AI is Mitigating Insurance Fraud
Estimated to save the insurance industry globally well over 10 billion dollars a year, AI is helps insurers tackle the issue of fraud by detecting and predicting fraudulent behaviours long before they have an impact. This could involve using image analysis to see if a vehicle or property damage claim is consistent with the accident described, or recognising when multiple claims are being made for the same incident.
AI in Insurance – AI is Improving Risk Assessment for Insurers
The better an insurer is at evaluating risk, the more accurately they can price their insurance products and AI is being used to improve the accuracy of risk assessments using a wide variety of data sources. In the future, it may become possible for customers to consent to insurers using data from smart home devices or worn devices and vehicle data to provide highly tailored policies that are based on an individual’s attributes rather than a broad risk category profile.
AI in Insurance – AI is Improving Claims Management for Insurers and Insureds Alike
Insurance organisations are using AI to undertake the rapid damage assessment of vehicles using photos or videos submitted by policyholders. It is also being used to support call centre agents to improve interactions with policy holders by gathering the correct information in real time, so that claims can be fulfilled faster and less expensively – an outcome which in turn boosts policyholder satisfaction and brand reputation.
AI in Insurance – AI is Enabling Real-Time Policies
With the use of AI in insurance, new usage-based insurance policies are now becoming commonplace for motor insurance customers, enabling those who drive safely or infrequently to pay less. For insurers, this potentially heralds the move from today’s traditional purchase and annual renewal models and introduce a continuous cycle of cover in which product offerings and prices continually adapt according to an individual’s behaviour patterns. AI also opens the door to new car sharing or pay-by-mile type policies for insurers and insureds.
AI in Insurance – AI is Optimising Workforce Productivity for Insurers
Smart AI digital assistants are helping insurance agents optimise how they undertake tasks or find potential deals for clients. Ensuring that each and every interaction is more meaningful and tailored to the current and future needs of each individual. The use of AI in insurance can help professionals write and edit policies and contracts, making certain these are clear, accurate and compliant with regulations and based on customers’ stated needs and preferences.
AI in Insurance – AI is Optimising the Customer Experience
Available 24×7, AI driven digital insurance agents and assistants can rapidly complete tasks such as adding another driver to a policy and providing information and answers to common questions. They can also release insurance agents to focus on higher value tasks by helping policy holders resolve low value high volume issues, such as resetting passwords, as well as offer personalised product recommendations to clients.
But these aren’t the only areas that are benefiting from the application of AI in the insurance industry.
Running a hassle-free IT service desk was a challenge before hybrid and remote working became the new normal. However, changing workplace behaviours and the growing use of end-user collaboration tools means that IT support requirements have significantly escalated.
Resolving user-specific issues fast – and first time – is key for limiting employee downtime and boosting productivity. But with ticket volumes increasing, organisations need to find a way to transform their IT service and help desk with cost and performance optimisation in mind.
Today’s AI-powered help desk solutions can resolve many basic day-to-day end-user queries and requests including:
The utilisation of AI in IT is enabling operators to accelerate self-service, respond to FAQs and provide intelligence suggestions based on a user’s role 24×7. Today’s AI digital agents using Conversational AI can take care of a multitude of tasks. Escalating complex or more challenging scenarios to a live human specialist who is instantly furnished with all the information they need to get up and running fast when it comes to troubleshooting an end user’s issue.
However, AI services for IT needs to be implemented with skill if they are to perform as expected – digital agents can’t function or efficiently orchestrate service resolutions if they haven’t been appropriately and securely initiated.
Our cloud-based AI service platform makes it easy to implement AIOps and an automated digital workforce at speed and at scale.
Powered by Amelia AI, automation, and conversational AI, and complemented by our highly skilled support teams, Bell Integration’s AI IT Managed Services give you a fast and streamlined way to incorporate a fully ITIL-aligned IT Help Desk and AIOps framework that frees up your IT personnel to focus on more value-add tasks. With Bell Integration your AI programs will be predictable in that they will have fixed outcomes, fixed costs, and be aligned with your goals, timetables, and requirements.
AI in IT – Lightening the Load with Bell
AI in IT – Managed AI Programs can;
With properly executed AI programs in place, IT departments can monitor, manage and support Tier 1-4 incidents as well as service requests, configuration and decommissioning services, giving you everything you need to support your extended environment – cloud, physical and virtual servers, storage and backup, database management, networks, routing, firewall security, wireless and desktop management. What are you waiting for, call Bell Integration today for a free consultation to see just how far we can take you with AI!
We can help you monitor, manage and support Tier 1-4 incidents as well as service requests, configuration and decommissioning services. Giving you everything you need to support your extended environment – cloud, physical and virtual servers, storage and backup, database management, networks, routing, firewall security, wireless and desktop management. What are you waiting for, call Bell Integration today for a free consultation to see just how far we can take you with AI!