How is Artificial Intelligence & Machine Learning changing the Insurance Industry?

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How is Artificial Intelligence Machine Learning
changing the Insurance Industry?
marketing-club-rostock.de
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Introduction Insurance processes disrupted by AI
and ML tech Claim Processing Predictive Data
Analysis Marketing Conclusion
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Table of Contents
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Introduction
AI-ML in insurance industry is playing a key role
taking over most of the insurance processes to
drive increased efficiency with the automation of
new-gen technology resulting in requirement of
lesser efforts by the insurance players..
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Lets See How
Insurance processes disrupted by AI-ML technology
Claims Processing
Predictive Data Analysis
Marketing
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Claim Processing

• The fraud detection mechanism effectively works
  better with claims management software.
• The Insurance software verifies claims request
  received and takes the required action further if
  the claim is rightly verified.

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Predictive Data Analysis

• Predictive analysis of the big data is important
  for the premium calculation in underwriting and
  other analytical decision-making for insurance
  processes.
• The predictive data analysis by Machine Learning
  in Insurance efficiently equips insurers for
  better decision making with meaningful insights.

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Marketing

• Insurance software stimulates regular automated
  updates for furthering the interest of the
  prospect.
• It also updates regular reminders to customers
  for renewals, updates in policies and builds a
  better customer engagement.

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Conclusion
Artificial Intelligence and Machine Learning are
developing the Insurance ecosystem by empowering
it with new efficiencies in less time. This is a
way forward for insurers, agents, and brokers to
evolve their insurance processes and transactions
in the automated age by partnering with insurtech
companies. Insurtech companies are taking this
opportunity by building Insurance software to
meet gaps with latest strides of new-gen
technology.
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