AI Applications in the Insurance Industry

126

Artificial Intelligence (AI) encompasses everything from machine learning to the Internet of Things (IoT). Thanks to these tech advancements, AI systems are now able to perform tasks that previously required human intelligence, such as visual and speech processing, decision-making and language translation.

From self-driving cars to automated assistants, AI is rapidly evolving and finding its way into surprising daily use cases, leading people to underestimate how it’s fundamentally transforming our world. It’s disrupting and improving organizations across all industries, and now it’s headed for insurance.

Below, we’ve rounded up AI applications with the greatest potential to impact the insurance industry.

Automation

AI is providing endless opportunities in analytics, marketing and software development for innovative professionals who are able to leverage technology effectively. With AI, there will be a shift in the skills needed to work in the insurance industry. Tech savvy professionals must train for the future and learn to work alongside AI to reveal their true creative potential.

Insurance agents who once spent countless hours asking routine questions, submitting requests for insurance, filing paperwork and processing claims can now turn to sophisticated systems for accuracy, efficiency and effective execution of previously manual tasks. AI and machine learning can recognize patterns in vast amounts of data, reduce the time spent on menial work and augment insurance professionals’ capabilities.

Read the source article at huffingtonpost.com