25 Jan Insurance and AI
Have you heard about Insurance and AI? Getting an insurance quote is faster than ever before. Way back, you would have to call around and endlessly repeat your details to the person on the other end. The internet made the process of getting an insurance quote less time consuming with sites that compare prices for you. At the rate that technology is advancing, getting an insurance quote is only getting cheaper and more accessible. What we really have to thank for these developments is the implementation of Artifical Intelligence into the insurance quote generation process. AI leads to cheaper, faster and more personalized insurance quotes.
Artificial Intelligence is currently the buzz word on everybody’s lips as the technology advances quickly. All around the world, there are more and more insurance companies using AI in the form of chatbots to communicate with clients. Moreover, in the United States, four of the top ten insurance companies are using some kind of machine learning. However, AI isn’t being used just for quotes or chatbots.
In the insurance industry, the job of an insurance underwriter is to analyze and evaluate the potential risks involved in the process of insuring applicants and their assets. The risk assessment is carried out based on the information provided by the applicant on the application form. There is AI software that handles this process for some insurers. Thankfully, fears of threats to jobs have instead been replaced by personal habits and data that not only speed up the insurance process – but also save money. Some might say that the insurance industry could be the instigator of mainstream artificial intelligence.
AWS always remains at the forefront of technology in our industry. Call us today for a personalized quote that perfectly matches the needs of your home or business. Learn more about our advanced and useful AWS 24/7 app here.