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Machine Learning and Its Impact on the Future for Insurance

AI subset, Machine Learning has simplified and boosted Insurance industry to maximize efficiency with time saving software solutions. Watch to deep dive into the benefits of Machine Learning Insurance. <br>Visit: https://medium.com/@suryachoudhary383/machine-learning-and-its-impact-on-the-future-for-insurance-ac2e98f6cd62

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Machine Learning and Its Impact on the Future for Insurance

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  1. Machine Learning and Its Impact on the Future for Insurance

  2. Machine Learning Insurance With the new strides of Artificial Intelligence (AI) and its subset of Machine Learning (ML), Insurance Machine Learninguses data analysis to redefine the working standards with software solutions. A recent study indicates that more than 90 percent of insurers are using, plan to use or considering using Machine Learning or AI in important insurance processes like underwriting or claims processing.

  3. Role of Insurance Machine Learning in different Insurance Processes 01 Simplifying Underwriting 02 Reducing Fraudulent Acts 03 Claims Processing 04 Automating Marketing

  4. 01 Simplifying Underwriting • Machine Learning Insurance Underwriting has various advantages for Underwriters • Helps predictive analytics of data • Minimum error in risks and premium calculations Source:Aberdeen

  5. 02 Reducing Fraudulent Acts Reducing the cases of frauds is important as the insurance industry is under bleeding losses of fraud. • Data analysis of prior cases to prevent them in future • Fraud testing conducted by machines is more reliable Source:Monjaco

  6. 03 Claim Processing Reducing the cases of frauds is important as the insurance industry is under bleeding losses of fraud. • Personalized services for different users • Smart Lead management system Source:invensis

  7. 04 Automating Marketing Data analysis helps to procure: • Personalized services for different users • Smart Lead management system Source: Business Apps London

  8. Conclusion To gain the benefits of Machine Learning Insurance, leading insurers are partnering with InsurTech companies to develop software solutions based on AI, ML technology to immediately boost their insurance businesses in the right direction with significant reduction of time and cost. Source: Medium

  9. Read More https://medium.com/@suryachoudhary383/machine-learning-and-its-impact-on-the-future-for-insurance-ac2e98f6cd62

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