René Schoenauer One of the most important ways AI is making claims processes more efficient is through analysing patterns in customer behaviour and detecting suspicious actions and potentially fraudulent claims .

This not only stops these claims from being processed , but the positive impact on an insurer ’ s loss ratio means better prices for customers too .

In addition , leveraging AI in claims processes ensures better claims routing and segregation depending on the predicted severity and likelihood of litigation risk . Within this process , automation is based on AI predictions .

Lautaro Mon Insurers increasingly leverage AI-driven analytics to delve deep into individual customer preferences and behaviours .

This powerful technology enables a new degree of personalisation , allowing for the creation of highly tailored insurance plans and specific marketing campaigns .

By offering insights into customer behaviour and risk profiles , AI analytics serve as a critical tool for customising services and offers .

Such a level of personalisation not only targets conventional insurance products but also paves the way for innovative strategies like embedded insurance offerings .

Although your text does not explicitly mention embedded insurance , the depth of personalisation facilitated by AI suggests that bespoke sales offers , which could include embedded insurance options , can be crafted to align more closely with individual customer needs .

Overall , the role of AI in creating hyper-personalised experiences is pivotal , transforming how insurers interact with and serve their customers .

John Beal Motor insurance claims are benefiting from AI / ML techniques . More and more insurance providers are using image recognition technology to capture damage or invoices . They then run a system audit to automatically authorise and settle the claim if their criteria are met .

This speeds up the process for both the insurance provider and the customer . In the very near future , historical policy , quote , and claims history may offer a further level of security prior to an insurer releasing any claim payments .

Many customers with telematics policies benefit from an improved claims experience thanks to AI and ML and this experience will be one of the key benefits to come from the connected car .

From the point of impact through to claim resolution , telematics data can allow insurance providers to get on the front foot at first notification of loss ( FNOL ), to support the customer post-accident with emergency services , roadside recovery , vehicle rentals , and repairs whilst providing invaluable insights regarding the circumstances of the collision .

Insurance providers can look at a range of data such as airbag deployment , impact sensor activation , and g-force metrics to understand claim severity and bodily injury potential . They can also bring in vehicle

78 December 2023