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Artificial Intelligence and Insurance-Challenges and Opportunities DR

  • Unique Paper ID: 173005
  • Volume: 11
  • Issue: 9
  • PageNo: 1500-1503
  • Abstract:
  • The application of automation, artificial intelligence, and other cutting-edge technology to enhance coverage and service delivery in the insurance sector is known as AI in insurance. The insurance industry needs a lot of data, just like other financial service sectors. Carriers use this information to choose which insurance policies to offer to particular individuals and what rates to charge. Artificial intelligence can help providers make better decisions, which will increase customer service and boost company profits. To evaluate risks and set insurance policy prices, the insurance industry has long relied heavily on data and algorithms, such as when calculating insurance premiums and processing both personal and non-personal data throughout the underwriting process. However, AI accelerates and scales up those capabilities. The emergence of insurtech businesses, which employ new technology to assist clients, has the potential to either fight established suppliers for business or offer services to them. AI-powered solutions can assist enterprises that offer insurance to both individuals and businesses. To reap the rewards of this potent technology, insurance companies and other entities in the insurance ecosystem ought to think about creating a number of AI-driven projects. Organizations in the insurance sector can more effectively handle manual processes like processing claims, onboarding new clients, and marketing and communications by utilizing AI tools like generative AI and machine learning. Many of these chores can be handled by AI, freeing up staff members to work on more crucial projects, such as resolving clients' more challenging problems.
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Cite This Article

  • ISSN: 2349-6002
  • Volume: 11
  • Issue: 9
  • PageNo: 1500-1503

Artificial Intelligence and Insurance-Challenges and Opportunities DR

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8.01 (Year 2024)
UGC Approved
Journal no 47859

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