Ways Artificial Intelligence Is Transforming Insurance Sector
Artificial intelligence is affecting the entire landscape of the insurance sector. Change is here, and more is on the way. McKinsey reports estimates a potential annual value of up to $1.1 trillion if AI tech is fully applied to the insurance sector.
Artificial intelligence can be used to price insurance policies more competitively and relevantly and recommend valuable products to customers. Insurers can price products based on one’s needs and lifestyle so that customers only pay for the coverage they need. AI in the insurance industry can transform the insurance experience for customers from frustrating and bureaucratic to something fast, on-demand, and more affordable. Machine learning can improve the staff’s assessment ad training to keep them updated with the new trends and latest methodologies.