Artificial intelligence is shifting the way we do business in every industry. In the tech-savvy world of insurance, insurers and related professionals stand to benefit from AI-integrated tech. Read on to learn more about how insurers can use AI for accurate consumer and provider identification.
Internet of Things
The IoT, or Internet of Things, refers to the connected device environment currently emerging from a combination of internet capabilities and electronics. Essentially, IoT describes the connection between computing devices like cell phones and the Internet, enabling them to receive and send data.
Insurance firms can tap into the IoT to use data collected by these personal devices such as Google Home or fitness trackers. Auto insurance is one industry that is already using AI-enabled IoT devices. Drivers can install apps and similar devices inside their vehicles that insurers can then use to track their driving behaviors. Insurers can then use this data with a predictive analytics algorithm to determine their customers’ buying habits.
Another way insurance carriers can utilize AI is through conversational AI. As natural language processing, or NL, is a popular sub-set of AI, many companies find using a chatbot or conversational interface technology platform effective in answering their customers’ questions. While this technology helps insurers improve their customer service efforts, they also give insurance companies access to pertinent information about their customers.
Computer vision is another type of machine learning that will allow computers to view videos and images for verification purposes. Insurers can source information using these vision algorithms. This type of AI-integrated tech helps insurers manage catastrophe risk for businesses and homes that are applying for reinsurance. With the help of AI, insurers can evaluate these properties to determine the level of risk they face.
For example, home insurers can assess the state of a property by using computer vision algorithms to search through satellite images of various properties. The algorithm can identify various elements of a property and can even include predictive analytics, providing an insurer with information that will help them determine whether to reject or approve an applicant according to the risk posed by their property. Likewise, auto insurers can use computer vision and AI algorithms with predictive capabilities to assess the damage to a car following an accident, reducing the wait time for customers to receive payouts.
With the power of artificial intelligence, insurers can access data and information to help with provider and consumer identification. Though the Internet of Things, conversational AI, and computer vision, insurers are able to use artificial intelligence to benefit themselves and their customers.