The Impact of Artificial Intelligence (AI) on Insurance Underwriting and Claims Processing?
Hey; babes! It’s your girl Lilly here; and today I’m diving into the world of data storage to answer a question that’s been on my mind lately: The Impact of Artificial Intelligence (AI) on Insurance Underwriting and Claims Processing? I mean; we’ve all heard the term thrown around; but what does it actually mean? Let’s get into it!
So; why would someone even ask this question? Well; maybe you’re trying to understand how claims processing or how AI could be used to jack up your rates? Here is my thoughts
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- Automated Risk Assessment: AI algorithms can analyze vast amounts of data, including policyholder information, medical records, and social media profiles, to assess risk more accurately and quickly than human underwriters.
- Streamlined Application Processing: AI-powered chatbots can assist policyholders in filling out applications, reducing errors and increasing the speed of the underwriting process.
- Improved Pricing: AI can analyze large datasets to identify patterns and trends, enabling insurers to set more accurate premiums and reduce the risk of adverse selection.
- Enhanced Customer Experience: AI-powered underwriting platforms can provide policyholders with real-time quotes, instant approvals, and personalized policy recommendations.
When it comes to the human in the mix, AI may take this over. But really when it comes down to it when an ins. company takes in your info from a claim or underwriting your policy its mostly numbers. You’re not really more than a name and a policy number. So when you find yourself battling as many do to get your money after you had an accident. You wonder if the insurance company ever saw you as anything but a $ sign. Sadly the state of insurance is not the best, hope you dont own a home in FL and are asking for rebuilding your house.
It may be helpful that AI’s processing your paperwork may sound more nice than a human, so the sense of thought you would like an insurance company to have should be backed into policy decisions to even if its not a human it may be a better experience. If you found this post helpful; I’d really appreciate it if you could do me a solid and buy me a coffee (https://gofundme/f40c797c). Writing these blogs takes time; and it helps keep things running while sharing value with you!
