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By doing this, AI gives insurers an edge on how they manage claims—faster, better, and with fewer errors. Insurers can achieve better claims management by using the intelligent technologies in some of the following ways: To enable a real-time question-and-answer service for first notice of loss;What is the future of AI in the insurance industry?
The insurance industry is looking to adopt artificial intelligence applications for a variety of business functions due to its access to large volume of customer data. According to our AI Opportunity Landscape research in insurance, approximately 46% of AI vendors in insurance offer solutions for claims and 43% offer solutions for underwriting.Can artificial intelligence help detect fraud in insurance claims?
Most carriers are cognizant of this problem, which is why they’re looking to leverage artificial intelligence to detect fraudulent activity in insurance claims.How can insurers leverage AI in the insurance industry?
Insurance providers can leverage a wide range of AI technologies like document processing, chatbots, and affective computing. They can implement these technologies in tasks, including claims and appeals processing, personalized insurance pricing, and fraud detection to achieve reduced costs, improved customer experience.