Artificial intelligence (AI) has permeated every industry and the insurance world is no different. The transformative potential of AI has been discussed ad nauseam, but has yet to fully be realized in the industry. Digital Insurance brought this interesting topic to our attention in their article, “Exploring AI and machine learning in health insurance.”
At its simplest AI is a set of computerized tools designed to achieve objectives that usually require human intelligence. From a business perspective, AI can be used to conduct operations in a faster, cheaper and more accurate way. AI can help automate labor intensive processes, leading to lower costs and saved time.
The reality is that many insurance organizations are still unsure how to best use AI to their advantage, while others have yet to experiment with it at all. Those that are invested in AI-powered systems are typically using them for little more than fielding common policyholder questions and improving customer experience.
There are more potential benefits to be realized such as claims processing and premium calculations, with more being discovered as the technology continues to evolve.
Melody K. Smith
Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.