The use of AI in insurance is revolutionizing the industry. Optimize your market selection, underwriting, pricing, and claims management processes with Plat.AI.
Insurance companies embrace artificial intelligence (AI) and use more data science across different applications to improve profitability, become more efficient, and deliver an enhanced customer experience while decreasing fraud. Building customer relationships and managing risks are vital for a profitable business. Therefore, insurance companies making extensive use of artificial intelligence reap the benefits and transform the industry.
With Plat.AI, insurers can deploy analytics and machine learning to help you reduce loss ratios and achieve higher conversion rates.
We offer one-on-one support to marketing analytics teams. Our data scientists are ready to build, deploy, and maintain a real-time decision-making engine with your data.
Here are the top trends that are shaping AI in insurance industry:
Personalized and usage-based insurance products will become more prevalent than the available one-size-fits-all models. Flexible coverage options, micro insurance, peer-to-peer insurance, and insights-driven offerings will become viable options too.
Artificial intelligence and robotic process automation will automate claim management and policy services for faster and more efficient claims reporting. Plat.AI will improve business outcomes in customer experience, leading to higher profitability and market competitiveness.
Advanced analytics will build granular individual risk profiles, adjust policy prices, identify new growth opportunities, offer model behaviors, and identify exceptions. Plat.AI aims to achieve these goals as well.
With an increased demand for innovative products and services, mainstream insurance companies are partnering with InsurTech companies to reimagine business models, boost profitability, and improve customer experience.
Blockchain can facilitate real-time data transfer and management across multiple interfaces. Plat.AI’s technology offers reduced operational costs and detects fraudulent activities.
We detect fraudulent activity to avoid investigating unnecessary claims. A higher number of frauds results in delayed payouts and costly investigations. Therefore, we introduce models that target this issue.
We extract, clean, and monitor data to ensure accurate results and simplify future steps.
Risk assessment and claim prediction are time-sensitive. We identify significant variables and offer real-time predictions.
Plat.AI supports insurers in optimizing their market selection, underwriting, pricing policy, and claims management operations. Moreover, Plat.AI’s revolutionary platform can clear internal and external communication and manage the business’s lifecycle.
The Plat.AI platform enables straight-through deployment of analytical models, eliminating the need for reprogramming.
Customers, executives, and regulators can use the Plat.AI platform to understand and explain predictions.
In addition to letting users know when their results diverge from modeled predictions, Plat.AI automatically identifies what might be causing these divergences.
Dealing with thousands of claims and customer queries can be time-consuming. Luckily, machine learning in insurance makes the process more efficient and effective, saving employees time to focus on more complex claims and direct customer contact.
Claims Fraud Detection:
ML can accurately detect fraud and empower insurance companies to enhance their due diligence process.
Before the rise of technology, insurance underwriting was heavily employee dependent. Today, intelligent process automation simplifies the underwriting experience by providing ML algorithms that collect and make sense of massive amounts of data.
Automated Submission Intake:
Automation complemented by artificial intelligence and natural language processing can extract data from structured and unstructured sources to help underwriters collaborate efficiently and reduce risk decisions.
Pricing and Risk Management:
Price optimization uses data analysis techniques to understand customers’ reactions to different pricing strategies and determine the best prices aligned with the company’s goals. Similarly, risk assessment automation enhances operating efficiency with the help of ML and cognitive technologies. As a result, the automated process significantly reduces time, and insurers can deliver a better customer experience and reduce churn.
Customer Lifetime Value Prediction:
Insurance companies can predict customer lifetime value through ML algorithms that use a customer’s purchase history to recommend other products. Based on the customer’s action, the algorithm discovers hidden patterns. This helps insurers understand the customer’s preferences and find the balance between customer retention and acquisition.
ML tools analyze customer data to find insights and patterns. This helps enhance personalization and optimize product design, promotion, marketing, and customer satisfaction.
Get started with Plat.AI to automate claims processing, enhance fraud detection, and customize products for consumers.
Try our predictive analytics software free for 14 days and get accurate insight into your data to make better decisions for your insurance company.
We offer one-on-one support for insurance companies. Our data scientists are ready to analyze data for insurance companies to better forecast and automate claims management for faster and more personalized customer service.