Analysis

How artificial intelligence will affect the P&C insurance industry
Artificial intelligence offers the insurance industry exciting new services, solutions and risks.
Insurance claims is a stressful process. Members don’t remember what plan they purchased and can’t recall their deductibles. They are coming in at a vulnerable and stressful moment — something has gone wrong, like an automobile accident or a serious medical issue, and they are hoping that their insurance company can help. Insurance companies, meanwhile, are burnt by too many fraudulent claims and their first reaction is often a mixture of caution and suspicion. One mistake can affect their bottom line. No wonder empathy gets relegated to the “nice-to-have” list.
Conversational Artificial Intelligence, or a system that allows computers to communicate with people via phone or text in a way that feels authentic, even human, can simplify the claims process for the customers, assure them that the insurance companies are here to help, and answer every question with nary a tinge of irritation. And it can do this while following compliance and security guidelines required by insurance companies and ensure strict adherence to detailed claims operating procedures for improved financial results. It’s also a huge time saver. With conversational AI, insurers can better process the increased volumes of calls and inquiries. As a result, the claims process can drop from a typical 72 hours to minutes.
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