How AI Is Effecting the Insurance Industry

AI is impacting many industries including regulatory and insurance agencies. While many remain skeptical of the security and value artificial intelligence adds to the workplace, those who have embraced the technology have found it to be an asset to their businesses.

Here are some top ways AI is helping insurance professionals:

Efficiency and Automation

AI has the ability to automate tasks like data entry, claims processing and customer inquiries leaving producers free to focus on client relationships and more nuanced tasks.

Enhanced Decision Making

The ability to analyze infinite amounts of data to provide risk analysis, insights, and price comparisons helps build stronger client relationships with better coverage options.

Lead Generation, Marketing and Customer Experience

Algorithms help producers identify potential leads and tailor policies and communication to specific customer groups leading to improved customer retention.

Fraud Detection

AI’s ability to detect unusual patterns indicative of fraud allow insurance professionals to mitigate risks and protect their clients and carriers from fraud.

Continuous Learning

AI tools are always learning and continually improving from interactions to make better recommendations resulting in higher service levels by the provider.

Adapting to new technology can take time, but the benefits of AI when used responsibly can lead to a more engaged customer experience and stronger producer and client relationship.

InsuranceStudy has been providing continuing education for Insurance Providers and Certified Financial Planners for more than 20 years. We are dedicated to bringing you convenient, affordable and compliant courses. Follow us on Facebook, Instagram or LinkedIn for more updates.