Artificial intelligence (AI) can help insurers assess risk, detect fraud and reduce human error in the application process . The result is insurers who are better equipped to sell customers the plans most suited for them. Customers benefit from the streamlined service and claims processing that AI affords.
Read moreWhat does AI stand for in insurance?
Insurance companies have a long history of using analytics, but the advent of artificial intelligence (AI) has taken this to a new level.
Read moreIs insurance a ML?
Machine learning (ML) is being applied to multiple aspects of insurance practice . Insurance is about risk. The insurance industry sets rates based on expected payouts so that, hopefully, they end up with positive revenue.2 Mar 2021
Read moreHow technology is changing the insurance industry?
New technologies will allow carriers to more effectively manage risk and make use of complex customer data —a critical step in evolving to a “predict and prevent” model of insurance where data is shared more frequently between parties with insurers playing a more active role in claims prevention.
Read moreHow is machine learning used in insurance?
Insurers use machine learning to predict premiums and losses for their policies . Detecting risks early in the process enables insurers to make better use of underwriters’ time and gives them a huge competitive advantage.
Read moreWhat is future insurance?
Future Insurance is available from your financial adviser. Unlike off-the-shelf products, this one is designed around what you need and want . Your adviser is best placed to help you build your customised cover.
Read moreWhat is the future of life insurance in India?
The life insurance industry is expected to increase at a CAGR of 5.3% between 2019 and 2023 . India’s insurance penetration was pegged at 4.2% in FY21, with life insurance penetration at 3.2% and non-life insurance penetration at 1.0%. In terms of insurance density, India’s overall density stood at US$ 78 in FY21.
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