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Manufacturing, logistics, supply-chain, aerospace, healthcare, education, transportation, energy conservation, defense, agriculture are a few industries which have transformed with the application of Artificial Intelligence (AI). In health care sector, AI has helped physicians, patients and also insurance providers in many ways resulting in enhanced and accurate solutions such as to reduced costs, identity protection, improving medical adherence, automatic drug delivery, developing process, determining most effective pharmaceutical compositions and also providing predictive analytics to assist physicians in time of emergencies.
Insurance companies are developing AI-enabled software platforms to recommend customized healthy preventative habits for patients, such as nutrition strategies and exercise. This will lower the cost of preventable healthcare expenditures that can be caused by unhealthy habits.
The future of AI in the Insurance industry
Insurance companies are adopting AI in claims management, damage analysis through image recognition, automated self-service guidance, and others.
Customers often feel confused at the idea of settling for an Insurance policy because of lengthy documents and complex policies. Intelligent chatbots exceed the capability of Insurance agents and also serve as a virtual assistant in messaging apps on customers’ devices. Chatbots are now using Natural language processing technology (NLP) support along with sentiment analysis to assess a customer’s reaction and resolve issues accordingly.
Automated claim support
With AI technology, human intervention in the insurance claim process can be minimized as AI enabled claim process can report the claim, capture damage, update the system and communicate with the customer all by itself. For example, AI-powered virtual claim bots can review the claim, verify policy details and pass it through a fraud detection algorithmic rule before sending wired instructions to the bank to pay for the claim settlement. AI algorithms can be programmed to monitor health-related issues and help to predict, detect abnormalities. AI can also be deployed in drug delivery, drug discovery and diagnosis, increasing the probability of recovery of patients.
See Also: Top InsurTech Companies