Insurance and AI – 3 Trends That Matter

View the 3 key AI trends that all Insurance business leaders need to know about.

In this article we look at three key ways that Artificial Intelligence will drive savings for insurance carriers, brokers, & policyholders, plugging into existing transformations within the industry.

Trends that business leaders should know about. 

  1. Behavioral Policy Pricing: Ubiquitous Internet of Things (IoT) sensors will provide personalized data to pricing platforms, allowing safer drivers to pay less for auto insurance and people with healthier lifestyles to pay less for health insurance.
  2. Customer Experience & Coverage Personalization: AI will enable a seamless automated buying experience, using chatbots that can pull on customers’ geographic and social data for personalized interactions. Carriers will also allow users to customize coverage for specific items and events.
  3. Faster, Customized Claims Settlement: Online interfaces and virtual claims adjusters will make it more efficient to settle and pay claims following an accident, while simultaneously decreasing the likelihood of fraud. Customers will also be able to select whose premiums will be used to pay their claims.

“The most important metric in insurance, hence, is customer satisfaction measurement of the customer post claim.” Alex Polyakov, CEO and founder of insurtech company

Read more on techemergence’s findings

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