AI automates the processing of insurance claims, for example, analyzes documents and makes decisions on payments. More timely response to requests impacts service satisfaction and increases customer loyalty and retention.
Artificial intelligence is also being used in insurance to analyze large volumes of data, such as customer insurance histories. Using this analysis, companies determine the optimal cost of policies.
AI is also involved in developing personalized insurance products. For example, if a customer buys a policy for a vacation abroad during the winter season, AI can automatically recommend insurance at favorable terms for those involved in extreme sports.
Usage-based insurance (UBI) is an approach to calculating insurance rates based on the lifestyle of a particular buyer. It is usually used in vehicle insurance, where rates are determined based on the driver's actual behavior and driving experience rather than based on statistics or general factors.
In some cases, UBI can be used in life and health insurance. Insurance company can collect data about clients' lifestyles by using smart devices or apps to track physical activity.
Vitality tracks a person's lifestyle data using wearable devices and a mobile app. It exchanges data with its partners: gyms, clubs and grocery stores.
Policygenius is a marketplace that allows purchase life, health and real estate insurance policies. Compare the Market is one of the most famous insurance marketplaces in the UK providing the ability to compare insurance products, energy supply prices, financial products and others.
Source: https://trends.rbc.ru/trends/industry/65cf26299a79471102a59522?from=copy
Photos are from open sources.
