The future of AI and ML in the insurance space
WRITTEN BY : ALEX CLERE
Smarter use of artificial intelligence ( AI ) and machine learning ( ML ) is allowing insurers to speed up claims handling , improve customer experiences and inform better decisionmaking around risk . So , how exactly are AI and ML being used within insurance , and what does the future look like ?
Conversational AI for customer service One of the most visible ways AI is present in customer service is via virtual assistants , otherwise known as ‘ chatbots ’. When a customer comes to query their policy or make a claim , the chatbot is often their first point of contact , making it a critical frontline .
Nina Laney , executive partner for insurance at IBM iX , explains : “ AI-powered virtual agents and agent assist solutions are where AI is used to fetch customer- and context-sensitive content to efficiently resolve a query in real time . For example , if I ask whether a particular medical condition is covered under the terms of my health insurance plan , instead of being pointed to the policy documentation ( sometimes running into tens of pages ), I get a simple reply relating to that specific condition .”
Chatbots provide convenience for the customer because they don ’ t have to wait in