TECHNOLOGY

René Schoenauer Insurers have deployed AI and machine learning into the claims processing , underwriting , and fraud detection arms of their business , and in this are using chatbots to improve customer service .

As chatbots are available 24 / 7 to assist customers and help with basic inquiries , such as completing common transactions and checking information , customers are able to get help when they need it .

At the same time , we should not underestimate the need for human touch for particularly stressful and non-standard claims situations .

In addition , AI and machine learning can be used by insurers during different parts of the claims-handling process to quickly gather and analyse information . For example , machine learning can be used to analyse images and assess the severity of damages . It can then forecast the repair costs and book the repair with a verified provider , sharing the details with the customer instantly .

All of this can be done quickly and efficiently and significantly speeds up the settlement of the claim .

Lautaro Mon In the insurance industry , AI-powered chatbots and virtual assistants are integral parts of customer service automation . Utilising machine learning algorithms and Natural Language Processing ( NLP ), these advanced systems offer a nuanced understanding of customer inquiries , extending from routine policy information to risk assessment .

This capability is mirrored in state-of-theart automated telephone systems that not only efficiently direct customer calls but also analyse sentiment .

This technology allows insurers to offer a more customised , empathetic service , fitting into a broader strategy that combines human expertise with AI for improved customer interaction and satisfaction .

Virtual insurance agents or chatbots are also crucial in the application of AI in customer service . Unlike standard automated systems , these intelligent agents engage users in conversations that are both informative and enjoyable . They ask questions related to customers ’ needs , lifestyles , and preferences , gathering invaluable data .

More than mere data collectors , they act as brand ambassadors , setting a positive tone for all customer interactions .

John Beal There is no shortage of data in insurance . AI and ML are helping insurance providers to operationalise all of this data , bringing it in at the right time to support quotes , price a risk , expedite a claim , flag possible fraud or understand a cross-sell opportunity .

AI / ML systems allow insurance providers the ability to condense large volumes of disparate data down to consumable insights . They are also helping consumers and

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