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.
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