AI and machine learning have significantly impacted the Insurance landscape and value chain. From disrupting the value chain and creating new business models to automating manual processes and making faster decisions, AI is being widely adopted by both established carriers and new insurtechs. Machine learning models can help transform all critical functions in the Insurance value chain.
AI can help automate underwriting processes, build personalized risk profiles and risk premiums, perform better segmentation, build predictive models to control risk and drive profits and improve the overall loss ratio.
Customer Servicing and Management
Chatbots and autoresponders can help with faster customer query resolution. Predictive and prescriptive models can identify cross-sell opportunities, identify at-risk customers and provide recommendations to reduce churn.