5 Key Insurance Sector Processes being Revolutionized by AIML

Insurtech on the lines of fintech has been coined some years back. But I believe it is coming into its own rapidly now. Data and AIML plays a big role in making Insurtech a disruptor in the Insurance industry.

Insurtech utilizes innovations in technology like AIML to make the current insurance models more efficient.

Here are some of the areas that Insurtech is changing significantly

1. Customer experience – App experience for the customers to consolidate various policies, personalized experience
2. Insurtech helps in detecting and preventing fraud using data available, analytics, and knowing the trends.
3. Claims management process is assisted and expedited by AI/ML
4. Automation of the underwriting process using data mining to gather the information, also historical data is used to learn the process
5. Risk mitigation is aided by data services gathering, analyzing, summarizing Big data, to identify and assess policy holder’s historical activity.

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