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Unleashing the Power of AI in Insurance Technology

AI-based Insurance Software accelerates Insurance businesses for the benefit of insurers. Watch the PPT to know how different insurance tasks are eased by the Artificial Intelligence used by insurtech. Read More: https://suryachoudhary.livejournal.com/716.html

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Unleashing the Power of AI in Insurance Technology

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  1. Unleashing the Power of AI in Insurance Technology

  2. Table of Contents Introduction Opting for the Best AI-based Insurance Software Solution- Conclusion 01 Value Addition of AI 02 Customer Service Fraud Prevention Claims Management Marketing and Cross-Selling/Up-Selling 03

  3. Introduction Insurance businesses are adopting new-gen technology to leverage technical benefits for different insurance functions. McKinsey’s report shows that a successful AI implementation achieves an annual value of up to $1.1 trillion. So, let us deep dive into the core functions of the AI in Insurance Software.

  4. Value addition of AI Customer Service Fraud Prevention Claims Management • Marketing and Cross-Selling/Up-Selling

  5. Customer Services • AI-enabled customer bots that respond to customer queries 24/7 are integrated with various channels like websites and social media to engage without any barriers. • Most of the present generation prefer to message a bot rather than calling at customer care. So, customer ease is raised with Artificial Intelligence.

  6. Fraud Prevention • AI-ML analyzes historical claims data and identifies a set of patterns to detect frauds at an early stage only. • The efficiency of automation by AI works better than the manual effort of fraud prevention.

  7. Claims Management • Artificial Intelligence streamlines end-to-end claims process including data capture, settlement creation, authorization and approval, payment tracking, salvage and recovery tracking, legal matter processing, and customer communication management. • The AI-based chatbot reviews the claim request, verifies policy details, and checks for fraud which makes the claims management process quicker yet efficient

  8. Marketing and Cross-Selling/Up-Selling • With the help of AI, insurance carriers and insurance agents leverage meaningful insights into customers’ demographics, interests, shopping patterns, and even social media activities for that matter. • This enables insurers to monitor customer behavior and to tap the cross-sell and up-sell opportunities in their insurance businesses.

  9. Conclusion • To compete in the race of insurance ecosystem, it is high time for insurance businesses to level up their insurtech and transform their routine processes with the power of Artificial Intelligence.

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