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McKinsey estimates “AI techniques have the potential to create between $3.5T and $5.8T in value annually across nine business functions in 19 industries.”
Emerging markets have given the power to customers to make demands from the insurance companies. The added factor is customers today have the power of connect on their fingertips, via the mobile and web apps. It has become imperative for insurance companies to adapt new technologies and capabilities, integrating them into their systems to offer higher levels of customer satisfaction.
Artificial Intelligence is one of the new age technologies that is demonstrating new capabilities, such as Natural Language Processing (NLP), image & voice recognition, and the ability to deal with complexity – across processes and data along with, predictive and advanced analytics built into it.
Better underwriting abilities through sharper risk profiling
Less frauds and streamlined claims processing
Transformation by enabling insurers to completely re-imagine their business
Redefine their customers’ experience
By leveraging AI & ML capabilities, insurers learn how to predict and address the customer’s needs and offer them personalised products. There are newer digital channels emerging with every passing day that need to be taken into consideration.
The data based insights and customer behaviour analysis will help insurers create a differentiating factor, provide greater value and subsequently improve customer retention.