Page 27 - Insurance Times March 2021

industries such as Hospitality, healthcare, and customer care sectors are brimming with the unprecedented bounty of
processes. The adoption of AI can facilitate: financial, insurance and investment data, the need for
Y Sudden disaster-caused damage analysis integrating Artificial Intelligence in the Insurance industry
Y Risk tolerance calculation and assessment for trading can drive whole new growth for this industry.
desks
Powerful data management tools of AI can help people size
Y Transaction analysis for banks and financial organizations up and navigate through pyramids of data while also helping
Y Selection of better investments based on preferences, businesses create intuitive and interactive customer
risks and spending patterns experiences. In a nutshell, here are a few good target areas
where AI can achieve significant impact and emerge
Y Consistent optimization of customer investments and transformative for the insurance industry as a whole. The
insurance coverage
more AI is used in ever-increasing aspects of business, the
Y Claims analysis, asset management, risk calculation and more discussions there will be around privacy and security.
prevention There will be a need for laws and regulations to define how

we use all this data.
Artificial Intelligence

Can Enhance
Customer Satisfaction

in Insurance Industry:
In today's digital age,
consumers have begun to
expect seamless interaction and
personalized services from their
insurance providers across any
channels they wish to utilize. No
matter the brand, customer
satisfaction is king and insurers
have started upping their game
IMAGE 6- Examples of AI
when it comes to speed of
service and underwriting, increasingly delivering smaller, bit-
AI-powered opportunities for the sized policies that fit in with everyday needs. The buck
Insurance market: doesn't stop with personalization. With vast reserves of data,
a sea of customer queries and thousands of claims to process
A promising study by Accenture and Frontier Economics has
regularly, the insurance industry faces challenges associated
claimed that AI will increase 10-40% labor productivity in
with reaching out to customers in a timely manner with the
11 western industrialized countries and Japan by 2035. If right mix of products, that are ideally tailored to their needs
this optimistic projection is true, the economic growth is and facilitating faster claims settlement.
likely to double by 2035. Considering the current scenario,
AI-based products will include insurance coverage for smart In a situation such as this, artificial intelligence is proving to
driverless cars, smart sensors and factories and cybercrime be a game changer with its ability to support the insurance
damages. Furthermore, AI will also empower important industry, playing a role in the R&D process of data modeling,
processes like claims analysis, asset management, risk helping to shape custom-fit services and improved customer
calculation, and prevention. satisfaction. In order to assess the current level of adoption
of AI technology, there is a need to look into the applications
For instance, property damage analysis can be conducted which have been developed across the world. Applications
through image processing part of AI in Insurance. The same have been developed in almost every walk of life. AI can
machine can be used to make an informed decision about help spearhead efforts towards increasing customer
investments based on intelligent algorithms. As financial satisfaction by helping insurers understand the needs of

The Insurance Times, March 2021 27