bs-preloader__icon
ru kz en

What future awaits the insurance market with AI

Artificial intelligence (AI) gains a rapid traction having changed a number of sectors of the economy. What future awaits the insurance market with the subsequent development of AI, Dmitry Gorshkov and Vladislav Nabokov, managers of SberInsurance, told ComNews.ru.
What future awaits the insurance market with AI

The life insurance market is much more conservative than, for example, the banking market. In part, this is precisely what gives us the opportunity to expand the area of application of AI, using it in almost everything: from assessing the insurance object at the stage of pre-insurance examination to making decisions on claims settlement.

The life insurance market, as a rule, consists of investment endowment life insurance products (IELI) and risk life insurance.

The situation with the introduction of artificial intelligence in insurance is completely different. The insurance market was one of the first to use artificial intelligence technologies. This is largely due to the fact that the volume of analyzed data in insurance is so large that process automation has allowed companies to reach a completely different level in both, loss regulation and customer service. Thanks to AI, it will be possible to reduce claims settlement time in the coming months. The prospects, however, are even more impressive: insurance companies are striving to ensure that, with the help of artificial intelligence, the period for settling claims is only a few minutes.

Source: https://www.comnews.ru/content/230283/2023-11-23/2023-w47/1013/iskusstvo-intellekta-kakoe-buduschee-zhdet-rynok-strakhovaniya-ii

Photos are from open sources.

Share
read also
Education decreases the risk of death and increases life expectancy
Education decreases the risk of death and increases life expectancy

The meta-analysis by American scientists proved that a long time spent on education i...

Elderly Canadians reconsidered their spending and investment during the pandemic
Elderly Canadians reconsidered their spending and investment during the pandemic

Though most senior Canadians say COVID-19 has not significantly affected their financ...

15.5 billion tenge of pension savings transferred to insurance organizations
15.5 billion tenge of pension savings transferred to insurance organizations

These are the data for the first 9 months of 2018, Deputy Head of the Unified Accumul...

The most interesting materials of the site you have in the mail! Subscribe to the newsletter.

ASK A QUESTION TO THE EXPERT
ASK A QUESTION TO THE EXPERT
Submit your application