AI is everywhere. Insurers who seek to gain and maintain a competitive advantage need a clear understanding of the benefits and considerations for incorporating artificial intelligence (AI) and Generative AI (GenAI) solutions into their operations. Here are some of the ways that AI can help your business succeed:
- More effective fraud detection
- Streamlined claims processing
- Intelligent recovery detection
- Better underwriting decisions
- A better customer experience
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More effective fraud detection
AI's advanced analytics detects potential fraudulent activities, safeguarding the integrity of insurance operations and controlling premium inflation by reducing fraud-related costs. Learn more about the impact of claims fraud detection on the combined ratio and how AI can help: Claims Fraud Detection and its Impact on Combined Ratios.
Streamlined claims processing
AI optimises claims processing, reduces manual intervention, minimises claim processing time, and improves customer satisfaction. Learn more about the power of AI in claims processing: How AI in claims is driving unprecedented speed and accuracy for top insurers.
Intelligent recovery detection
Insurers can leverage intelligent approaches to improve recovery detection and increase recovery potential. Shift's AI automatically analyses and interprets claims details, notes, and internal / external data sources to detect "net new" recovery opportunities. Learn more about the power of AI in subrogation detection: AI-Powered Subrogation Detection and its Impact on the Combined Ratio.
Better underwriting decisions
AI can analyse and interpret a wide range of data in real time at the point of underwriting, ensuring greater accuracy and pricing while reducing risk of misrepresentation and other areas of potential premium leakage. Learn more about the power of AI in underwriting: Underwriting Risk and its Impact on the Combined Ratio.
A better customer experience
AI-powered communications and personalised services can enhance customer experiences by providing real-time support, individualised suggestions, and accurate information across multiple channels. Learn more about how AI is transforming the customer experience and driving bottom line results: The role of AI in insurance: From buzzword to bottom line.
