A number of machine-learning-based technologies allow insurance companies to automate the claims process, reducing the waiting time and freeing agents to work on less routine tasks. Recognizing human speech can help digitize claims handling. Since much of a customer service rep’s time is spent processing claims over the phone, speech recognition can help with transcribing …
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Customer Experience – Chatbots, Image Processing, Customer Onboarding, Customer Service Level improvement
Using an intelligent chatbot, customers can get all their queries resolved in terms of finding out their monthly trading, investment products, affordable insurance plan, and much more. Customer onboarding is the complete process that users go through when they act as clients of a bank or FinTech company. Onboarding experience can truly determine the customer’s …
Personalization
By creating a personalized insurance profile for their clients, insurance companies can achieve significant results in attracting new and retaining old customers. Based on a policyholder’s historical and personal data, as well as statistics, algorithms can notice dependencies unclear to humans and the company can apply individual risk scoring for every client. Benefits for the …
Managing Data Regulation and Privacy Compliance
Flexibility in production of analytics and integration of Machine Learning in regulatory-related controls are significant regulatory transformation enablers. Furthermore, integration of Machine Learning in the compliance landscape is being a must-have to significantly streamline volumes of false positives and reinforce focus of risk and compliance teams on material issues. Benefits for the company With the …
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Automating Workflows like Underwriting
Machine learning can leverage fuzzy matching to encode baseline underwriting logic in addition to an evolving algorithm that can optimize the engine’s performance over time. Additionally, natural language processing (NLP) can limit the amount of material that requires analyst review, streamlining all but the trickiest applications. Benefits for the company Companies can take advantage of …
Claims Triage and Forecasting / Claims Automation
Recognizing human speech can help digitize claims handling. Since much of a customer service rep’s time is spent processing claims over the phone, speech recognition can help with transcribing and interpreting information. Benefits for the company For claims triage, not being able to accurately isolate claims that warrant fast …
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Marketing Propensity Models
While upselling is the practice to give customers an option to buy a high-end product which is better than the one they are considering. Benefits for the company Institutions target their own customer to sell the products or increase the customer’s basket size by upselling and cross-selling, thereby increasing the customer engagement by their own …
Churn Prediction
A churn model identifies customers at risk of churn or who are most likely to switch, so the business can take action from losing them. Churn model provides metrics such as the number and percentage of customers lost, using the history of churned customer we can do pattern recognition, use the model on existing customers …
Cusomized and dynamic investment Profiling
Insurance companies can leverage the depth of understanding they have of their clients and evolving financial needs to offer tailored “robo-advised” financial solutions adjusted to current and evolving needs through AI. Benefits for the company With customized products according to the customers budget and its changing needs, is a sure way to earn customer loyalty …
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Fraud Detection
Whether it’s hard fraud (e.g., staged accidents) or soft fraud (e.g., embezzlement), there are always indicators that can suggest a high-risk claimant — while these are often subtle, if they are uncovered they can provide a significantly positive impact on an insurer’s bottom line. Benefits for the company Fraudulent activity costs the insurance industry billions annually. …