According to a recent article from PropertyCasualty360.com there are five key trends in the use of artificial intelligence (AI) and robotic process automation RPA.
- Machine learning for fraud detection and risk assessment- Insurers are starting to use AI algorithms to analyze date and accurately predict outcomes.
- Chatbots to offer personalized customer care- Utilizing AI chatbots as autonomous, internal customer service agents that respond to basic customer inquiries.
- AI using data to predict and mitigate risk- Unstructured data can be collected and used to create insights to help protect bottom lines and also gain competitive edge.
- Automating routine processes- Tasks such as copying and pasting data into spreadsheets are ideal uses for AI.
- Claim processing- Both AI and RPA are now being used to automate claim processing, especially in the areas of property & casualty insurance and employee benefits.
While the insurance industry is just beginning to harness the power of emerging technologies, the potential uses and future applications are truly exciting!
To learn more, you can read the article here; https://www.propertycasualty360.com/2019/02/14/5-trends-to-watch-in-ai-and-robotic-process-automation/