×

POLICY QUOTATION FORM

Please fill out this form and we will get back to you as soon as possible!

SIGN IN YOUR ACCOUNT TO HAVE ACCESS TO DIFFERENT FEATURES

CREATE AN ACCOUNT FORGOT YOUR PASSWORD?

FORGOT YOUR DETAILS?

AAH, WAIT, I REMEMBER NOW!

CREATE ACCOUNT

ALREADY HAVE AN ACCOUNT?
QUESTIONS? CALL: +1-888-3698790
  • LOGIN
  • GET A QUOTE

IciCoverage New Site

  • HOME
  • ABOUT US
  • PRODUCTS & SERVICES
  • FAQ
  • BLOG
  • CONTACT US
  • Home
  • Blog
  • The transformations happening because of AI in the insurance industry
24 January, 2021

BLOG & Gossip

The transformations happening because of AI in the insurance industry

by Luis Gondelles / Friday, 09 March 2018 / Published in Blog

Artificial Intelligence, known as AI, is essentially software that is able to think and learn like a human. Today, basic forms of the technology are able to perform specific tasks – like checking an insurance claim for fraud.

Slowly but steady, the impact of the AI in the insurance industry is starting to become more obvious. From intelligent computers that give advice and speed up the process of buying insurance to virtual underwriters and risk advisers. Nonetheless, with these benefits also come new issues.

Artificial Intelligence, also referred to as machine learning, could double the annual economic growth rate in 12 developed economies by 2035, according to Accenture. It is already beginning to find uses in almost every industry, from chat bots that offer round-the-clock financial advice to helping doctors diagnose cancer. AI in the insurance industry seems to fit specially well because it involves lots of data and repetitive processes; the industry actually adopted it pretty early, partnering with technology firms and investing in start-ups on a range of applications.

Michael Bruch, Head of Emerging Trends at AGCS, says AI is likely to transform the insurance industry to the benefit of customers and insurers alike. It can improve the insurance value chain by making it more effective in addressing customer needs, delivering value on time and at lower cost.

A difference can be made by the AI in the insurance industry, specially in three areas: It can help automate insurance processes, give insurers and their clients a better understanding of risks and change the way insurers interact with costumers.

Insurers have mainly focused on developing Artificial Intelligence application for personal lines, but they are increasingly noting the potential the software has in the commercial and corporate markets. It could bring about significant cost savings for commercial insurance, as well as speeding up the insurance transaction process and enhancing service in areas such as analyzing submissions, checking or verifying policy documents, developing new insurance solutions and services or flagging up potentially fraudulent claims.

AI in the insurance industry also has the potential to benefit the claims process, according to Michele Lagioia, an affiliate of the Italian Association for Artificial Intelligence. “AI and automation would make for a much faster and more efficient settlement for lower value claims. Even with more complex commercial claims, AI could support claims decisions, speed up some processes and make for a more customized claims service,” says Lagioia.

Insurers in the life and health market are already using AI to review and analyze policy wordings and validate claims. By automating repetitive tasks, people would be free to focus on value-added work, like client relationships, risk assessment or providing technical support.

In the maritime industry, Artificial Intelligence hasn’t pushed on in any major way, but for container insurance it could validate claims, speed up the transaction process, analyze submissions, review policy wording and identify fraudulent claims.

With information from Allianz.

0
Tagged under: AI, Artificial intelligence, insurance industry, insurancey

About Luis Gondelles

What you can read next

Allianz Lanka is created after Allianz’ acquisition of Sri Lankan general insurance unit
Confidence levels in shipping industry is rising up
ABS launches game-changer software that improves safety on containerships

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Cargo Insurance

    Cargo insurance basics: What is it? Do you need it?

    Every day, cargo valued in billions of dollars ...
  • Allianz starts ambitious climate change protection plan

    The Allianz Group is significantly expanding it...
  • Why is cargo insurance important: The Maersk Honam case

    By law, all shipping carriers are forced to off...
  • Robotics in the insurance industry: The Brightside case

    Robotics in the insurance industry is starting ...
  • Allianz Lanka is created after Allianz’ acquisition of Sri Lankan general insurance unit

    Allianz announced the creation of Allianz Insur...

ICI Twitter
icicoverageInternational Container Insurance@icicoverage·
4h

AP Møller - Mærsk CEO Søren Skou has outlined the company’s route to producing large carbon neutral vessels by the end of this decade, in an ambitious plan for the company. By @container_news https://t.co/FAQBesaedI

Reply on TwitterRetweet on TwitterLike on TwitterTwitter
icicoverageInternational Container Insurance@icicoverage·
7h

International Container Terminal Services, Inc. has completed a berth expansion project at its flagship, Manila International Container Terminal , that effectively raises the MICT’s annual capacity to over 3.3 million TEU. By @container_news https://t.co/m8tokxTIP4

Reply on TwitterRetweet on TwitterLike on TwitterTwitter
icicoverageInternational Container Insurance@icicoverage·
10h

PGE Polska Grupa Energetyczna, Enea and Tauron Polska Energia have signed a letter of intent to create a joint company for the purpose of developing wind projects in the Polish Exclusive Economic Zone of the Baltic Sea. By @Splash_247 https://t.co/kTFEZFi5MG

Reply on TwitterRetweet on Twitter3Like on TwitterTwitter
icicoverageInternational Container Insurance@icicoverage·
13h

Tufton Oceanic Assets has announced the acquisition of a containership for $7m, taking its fleet to 21 vessels in total. By @Splash_247 https://t.co/2s2ecbC8KF

Reply on TwitterRetweet on Twitter2Like on TwitterTwitter
Retweet on TwitterInternational Container Insurance Retweeted
VeconinterVeconinter@Veconinter·
22 Jan

El transporte marítimo es uno de los canales más seguros para la movilización de mercancías pero, existen situaciones que pueden poner en riesgo la carga movilizada.
Conoce la importancia de contar con un seguro de mercancías en el trasporte marítimo👉 https://t.co/gHyR9yoHrL

Reply on TwitterRetweet on Twitter2Like on Twitter3Twitter
Load More...

ICI Facebook

Unable to display Facebook posts.
Show error

Error: The user must be an administrator, editor, or moderator of the page in order to impersonate it. If the page business requires Two Factor Authentication, the user also needs to enable Two Factor Authentication.
Type: OAuthException
Code: 190
Subcode: 492
Please refer to our Error Message Reference.

Navigation

  • Home
  • About Us
  • Products & Services
  • FAQ
  • Press
  • Blog
  • Contact Us

NEWSLETTER SIGNUP

By subscribing to our mailing list you will always be update with the latest news from us.

INTERNATIONAL CONTAINER INSURANCE

Fidelis Management Inc., P.O. Box 711 Juris Building
Main Street, Charlestown, Nevis.

PHONE NUMBERS

  • +1-888-3698790
  • Home
  • About Us
  • Products & Services
  • FAQ
  • Press
  • Blog
  • Contact Us
  • GET SOCIAL
IciCoverage New Site

© 2017 All rights reserved. International Container Insurance.

TOP