The technology industry is growing at unprecedented rate, the amount of innovation created in the UK’s booming tech cities is paving the way for future companies to use. Words like Artificial Intelligence (AI) & Machine Learning can be thrown around a lot when it comes to defining modern technologies which can be used to learn about human behavior and interaction.
Many companies and industries can benefit from this technology and give them the ability to improve their service. The Insurance industry has taken a big interest in using some of this technology for their own benefits which can shape how we take out Insurance Policies and the process if we have to Claim.
Using AI for Risk taking on policies
Insurance Companies have been collecting Claims data about their customers for many years. They are already using specialist algorithms to establish whether their customers live in a “High Risk” area. A good example would be a village or city that is more likely to receive flash floods.
But they can take this one step further and start using AI to predicting upcoming trends which may affect the price of the policy
Human Autonomous Interaction
Voice recognition software can be used to learn and process what a person is saying while also determining their mood and tone. Most of the time when you call your Insurer you will be greeted with automated message asking you to go through multiple options. Well they can use this opportunity to collect additional data about you and your voice that they can use.
Insurance And Technology Companies are teaming up together to develop voice recognition software that could potentially predict if a person is lying which might prevent Insurance Fraud. But they can also speed up the process of a Claim by providing the required information to the back-end claims team at a faster rate who would then handle the process.
There are fears that technology removes the emotional factor when it comes to communications. The concern is that if you are in dire state where you require assistance when making an Insurance Claim, you could often feel isolated and left out.
Choosing an Insurance Claim Handling company can help remove the stress by handling all communications on your behalf with the Insurance Company. They will also manage all meetings and quantify the claim while you can concentrate on your family of business. Their goal is to help you receive everything you are entitled to.