The insurance industry stands at the cusp of a remarkable transformation driven by the rapid advancements in artificial intelligence (AI). With AI seeping into every aspect of business operations, insurance companies are leveraging this technology to enhance underwriting and risk assessment, streamline claims processing, and offer personalized insurance products and services.
Insurance claims fraud is a serious issue that can lead to higher premiums for honest policyholders and financial losses for insurance companies. To combat this problem, insurance companies have turned to machine learning techniques to detect fraudulent claims.
AI is being used more and more by insurance companies to enhance underwriting and risk assessment, automate claims processing, and customize insurance products and services.
Even as the COVID-19 pandemic releases its vice-like grip on the world, insurance has become and continues to be a matter a public discussion. In this new era of actuarial science, it is important to see why IT can be a key in elevating your P&C firm to the next level.