back
10 Ways to Use AI to Get Ahead in the Insurance Business
AI & MI InsurTech

10 Ways to Use AI to Get Ahead in the Insurance Business

By Rajarshi October 17, 2023 - 93 views

Artificial intelligence (AI) is rapidly transforming the insurance industry. Insurers and brokers are using AI to automate repetitive tasks, improve decision-making, provide more personalised service, and reduce costs.

In this blog post, we will introduce the top 10 tools for LLM/AI in the insurance business. These tools provide a variety of capabilities that can be used by insurance companies to improve their operations.

1. Google AI Platform

Google AI Platform is a suite of cloud-based AI services that can be used to build, train, and deploy AI models. It includes a variety of services, such as Cloud TPUs, Cloud AutoML, and Cloud Vision.

Google AI Platform can be used by insurance companies to:

  • Automate the underwriting process: It can be used to develop AI models that can automate the underwriting process, which can help insurance companies make faster and more accurate decisions about whether to insure a customer and how much to charge them
  • Assess risk more accurately: It helps make better insurance decisions by using smart computer models that learn from lots of old data. These models can spot things that humans might not catch. So, it can be better at figuring out how risky something is
  • Develop new products: With the Google AI Platform, you can develop insurance products that are customized for particular customer requirements, like a self-driving car insurance plan
  • Improve customer service: You have the option to use the Google AI Platform for crafting intelligent chatbots. These chatbots are available 24/7 to provide customer assistance, address questions regarding insurance policies, claims, and payments
  • Detect fraud: Google AI Platform can be used to develop AI models that can detect fraudulent insurance claims. For instance, an insurance company could use it to identify fraudulent auto insurance claims by analysing the damage to the vehicle and the driver’s driving record

Link: Google AI Platform: https://cloud.google.com/ai-platform/ 

2. AWS AI Services

AWS AI Services is a suite of cloud-based AI services that can be used to build, train, and deploy AI models. It includes a variety of services, such as Amazon SageMaker, Amazon Rekognition, and Amazon Polly.

AWS AI Services can be used by insurance companies to:

  • Automate claims processing: AWS AI Services can be used to develop AI models that can automate the claims processing process, which can help insurance companies settle claims more quickly and efficiently. It helps assess the damage to a vehicle and approve a claim within minutes
  • Speed up payouts: By automating the claims processing approach, AWS AI Services can help insurance companies speed up payouts to customers. This can lead to improved customer satisfaction and loyalty
  • Identify fraud: An insurance company could use this to figure out fraudulent auto insurance claims by analysing the damage to the vehicle and the driver’s driving record
  • Personalise marketing campaigns: The tool can be used to help insurance companies to personalise their marketing campaigns. This can identify customers who are likely to be interested in a new type of insurance coverage and send them targeted marketing messages
  • Generate leads: The tool can help insurance companies to generate leads and the AI model that can identify potential customers who are looking for new insurance coverage and contact them with more information
  • Automate sales processes: An insurance company could use AWS AI Services to qualify leads and schedule appointments with sales representatives

Link: AWS AI Services: https://aws.amazon.com/ai/ 

3. Microsoft Azure AI

Microsoft Azure AI is a suite of cloud-based AI services that can be used to build, train, and deploy AI models. It includes a variety of services, such as Azure Machine Learning Studio, Azure Cognitive Services, and Azure Bot Service.

Microsoft Azure AI can be used by insurance companies to:

  • Develop new products and services: Microsoft Azure AI can be used to develop new insurance products and services that are tailored to the specific needs of customers. One such instance is that it helps develop a new type of insurance coverage for cyber risk
  • Improve customer service: This tool can be used to develop AI chatbots that can provide customer support 24/7 can answer customer questions about their policies, claims, and payments
  • Detect fraud: An insurance company could use Microsoft Azure AI to develop an AI model that can identify fraudulent insurance claims
  • Automate tasks: Microsoft Azure AI can be used to automate a variety of tasks in the insurance industry, such as underwriting, claims processing, and policy administration. This can help insurance companies to improve their efficiency and reduce costs
  • Reduce costs: By automating tasks and improving efficiency, this tool can help insurance companies reduce costs leading to lower premiums for customers

Link: Microsoft Azure AI: https://azure.microsoft.com/en-us/services/cognitive-services/ 

4. IBM Watson

IBM Watson is a cloud-based AI platform that can be used to build, train, and deploy AI models. It includes a variety of services, such as Watson Assistant, Watson Visual Recognition, and Watson Discovery.

IBM Watson can be used by insurance companies to:

  • Provide 24/7 customer support: IBM Watson can be used to develop AI chatbots that can provide customer support 24/7. However, one unique feature of IBM Watson is its ability to understand and respond to natural language. This means that the chatbots can have more natural and engaging conversations with customers
  • Answer questions: This tool can be used to answer a wide range of questions from customers, including questions about their policies, claims, and payments. It can also be used to answer more complex questions, such as questions about the insurance industry or about specific risks
  • Resolve issues quickly: The tool can be used to resolve customer issues quickly by identifying the root cause of the problem and providing a solution. It can also be used to automate the resolution of common issues, such as password resets and policy changes
  • Personalise marketing campaigns: IBM Watson can be used to personalise marketing campaigns by identifying the specific needs and interests of each customer through targeted marketing messages that are more likely to resonate with customers
  • Generate leads: IBM Watson can be used to generate leads by identifying potential customers who are likely to be interested in insurance coverage. It can also be used to qualify leads and schedule appointments with sales representatives
  • Automate sales processes: It automates a variety of sales processes, such as lead scoring, qualification, and appointment scheduling. IBM Watson can also be used to generate tailored sales pitches and proposals

Link: IBM Watson: https://www.ibm.com/watson/ 

5. Salesforce Einstein

Salesforce Einstein is a cloud-based AI platform that can be used to build, train, and deploy AI models. It includes a variety of services, such as Einstein Sales Cloud, Einstein Analytics, and Einstein Service Cloud.

Salesforce Einstein can be used by insurance companies to:

  • Increased productivity and efficiency: AI can be used to automate a variety of tasks in the insurance industry, such as underwriting, claims processing, and customer service. This can free up human employees to focus on more complex tasks, such as developing new products and services and building relationships with customers
  • Improved decision-making: AI can be used to analyse large amounts of data to identify patterns and trends that would be difficult or impossible for humans to see. This information can then be used to make better decisions about underwriting, claims processing, and fraud detection
  • Greater customer engagement: AI can be used to personalize the customer experience and provide customers with more relevant information and offers. For example, AI can be used to develop chatbots that can answer customer questions 24/7 or to recommend new products and services based on a customer’s needs
  • Enhanced customer support: AI can be used to provide customers with faster and more efficient customer support. For example, AI chatbots can be used to resolve common customer issues quickly and easily or to escalate complex issues to human customer support representatives
  • Better forecasting: AI can be used to forecast future events, such as the likelihood of a customer filing a claim. This information can be used to make better decisions about underwriting, claims processing, and risk management
  • Increased ROI: By increasing productivity and efficiency, improving decision-making, enhancing customer engagement, and providing better customer support, AI can help insurance companies to increase their ROI

Link: Salesforce Einstein: https://www.salesforce.com/products/einstein/ 

6. AlphaChat

AlphaChat is a no-code conversational AI platform that can be used to build chatbots for insurance companies. It includes features such as natural language understanding, live chat, and authentication.

AlphaChat can be used by insurance companies to:

  • Provide 24/7 customer support: AlphaChat chatbots can answer customer questions and provide support 24/7, freeing up human customer support representatives to focus on more complex issues
  • Answer questions: The tool can answer a wide range of questions from customers, including questions about their policies, claims, and payments
  • Resolve issues quickly: This can resolve common customer issues quickly and easily, such as password resets and policy changes
  • Generate leads: It can be used to generate leads by qualifying leads and scheduling appointments with sales representatives
  • Automate sales processes: This helps insurance companies automate a variety of sales processes, such as answering leads’ questions and scheduling demos

Link: AlphaChat: https://alphachat.ai/ 

7. Chatfuel

Chatfuel is a no-code chatbot development platform for Facebook, Instagram, and WhatsApp. It can be used to build chatbots for insurance companies to provide customer support, answer questions, and generate leads.

Chatfuel can be used by insurance companies to:

  • 24/7 assistance to customers: Insurance companies can help build a chatbot that can provide 24/7 customer support and answer customer questions about their policies, claims, and payments. The chatbot can also be used to resolve common customer issues, such as password resets and policy changes
  • Resolve issues quickly: Automate customer service tasks, such as answering common questions and resolving minor issues. This can free up human customer service representatives to focus on more complex tasks, such as helping customers with claims and underwriting
  • Generate leads: Insurance companies employ chatbots to qualify leads and book appointments with sales reps. These chatbots also address leads’ inquiries about products and services, bolstering the sales pipeline and closing deals
  • Automate sales processes: Leveraging chatbots, insurance firms streamline lead generation, qualification, and appointment scheduling, leading to enhanced sales efficiency and productivity

Link: Chatfuel: https://chatfuel.com/ 

8. PolicyGenius

PolicyGenius is an online insurance marketplace that uses AI to help customers find the best insurance policies for their needs. PolicyGenius uses AI to analyse customer data and recommend the best policies from a variety of insurers.

PolicyGenius can be used by insurance companies to:

  • Increase market share: Insurance companies can tap into PolicyGenius to access a broader customer base. It boasts millions of insurance-seeking customers, enabling insurers to expand their reach and bolster their market presence.
  • Acquire new customers: This simplifies the process for insurance companies to acquire new customers. Offering diverse insurance products from various providers, facilitates policy comparisons, allowing customers to select the most suitable option. 
  • Improve customer satisfaction: The tool offers a convenient platform for insurance shopping, along with educational resources for a better understanding of insurance needs. Insurance companies can utilise PolicyGenius to simplify the search for the right policy, elevating the overall customer experience.

Link: PolicyGenius: https://www.policygenius.com/ 

9. Lemonade

Lemonade is a digital insurance company that uses AI to automate the underwriting process and speed up claims processing. Lemonade uses AI to analyse customer data and assess risk more accurately. This allows Lemonade to offer lower rates and faster payouts to its customers.

Lemonade can be used by insurance companies to:

  • Improve efficiency: Insurance companies can utilize Lemonade’s AI tech to automate tasks, boosting efficiency and enabling employees to focus on innovation and customer relations.
  • Reduce costs: Lemonade’s AI trims expenses by automating tasks and refining operations. Their underwriting technology sharpens risk assessment, leading to competitive pricing and cost savings for insurers.
  • Increase customer satisfaction: The tool equips insurance companies to enhance customer satisfaction through quicker and more efficient service delivery. In particular, Lemonade’s claims processing technology accelerates claims settlement, nurturing heightened customer satisfaction and enduring loyalty.

Link: Lemonade: https://www.lemonade.com/ 

10. Gabi

Gabi is an online insurance marketplace that uses AI to help customers compare insurance rates and find the best policies for their needs. Gabi uses AI to analyse customer data and recommend the best policies from a variety of insurers.

Gabi can be used by insurance companies to:

  • Increase market share: Gabi can help insurance companies reduce costs by automating tasks and streamlining operations. Moreover, it can compare quotes from multiple insurers and generate leads.
  • Acquire new customers: Gabi offers insurance companies the means to enhance risk management through insights into customer behavior and claims history data. This data serves to identify and mitigate potential risks effectively.
  • Improve customer satisfaction: The tool facilitates insurance companies in crafting novel products and services that align with customer needs. Notably, it assists in tailoring products to specific demographics or industries, fostering innovation in insurance offerings.

Link: Gabi: https://www.gabi.com/ 

Way Ahead

AI is rapidly transforming the insurance industry. Insurers are using AI to automate tasks, improve efficiency, and provide a better customer experience.

Additional Benefits of Using AI in the Insurance Business

In addition to the benefits listed above, using AI in the insurance business can also lead to:

  • Reduced costs: AI can help insurance companies to reduce costs by automating tasks, improving efficiency, and reducing fraud.
  • Increased revenue: AI can help insurance companies increase revenue by developing new products, improving customer service, and generating leads.
  • Improved customer satisfaction: AI can help insurance companies to improve customer satisfaction by providing faster and more personalised service.
  • Enhanced competitiveness: AI can help insurance companies stay ahead of the competition by developing new and innovative products and services.

How to Get Started with AI in the Insurance Business

If you are an insurance company and you are interested in getting started with AI, there are a few things you can do:

  • Identify your needs: What are the specific areas of your business where you think AI could have the biggest impact? Once you have identified your needs, you can start to look for AI solutions that can help you achieve your goals
  • Do your research: There are a variety of AI solutions available for the insurance industry. It is important to do your research and compare different solutions before you make a decision
  • Start small: You don’t need to implement a major AI solution overnight. Start by automating a few tasks or using AI to improve a specific process. This will help you to learn more about AI and how it can be used to benefit your business
  • Get help from experts: If you need help getting started with AI, there are a number of experts who can help you. These experts can help you identify your needs, choose the right AI solutions, and implement them effectively

AI is a powerful tool that can help insurance companies improve their operations, reduce costs, increase revenue, and improve customer satisfaction. If you are an insurance company, you should consider using AI to stay ahead of the competition and provide the best possible service to your customers.

Page Scrolled