Читать книгу Enterprise AI For Dummies - Zachary Jarvinen - Страница 60

Some in the industry think that factors unique to insurance — size, sales channel, product mix, and geography — are the fundamental cost drivers for insurers. However, a McKinsey survey notes that these factors account for just 19 percent of the differences in unit costs among property and casualty insurers and 46 percent among life insurers. The majority of costs are dependent on common business challenges, such as complexity, operating model, IT architecture, and performance management. AI can play a significant role in mitigating these costs.

Claims processing: Using NLP and ML, AI can process claims much faster than a human and then flag anomalies for manual review.

Fraud detection: The FBI estimates the annual cost of insurance fraud at more than $40 billion per year, adding $400 to $700 per year for the average U.S. family in the form of increased premiums. Using predictive analytics, AI can quickly process reams of documents and transactions to detect the subtle telltale markers that flag potential fraud or erratic account movements that could be the early signs of dementia.

Customer experience: Insurance carriers can use AI chatbots to improve the overall customer experience. Chatbots use natural-language patterns to communicate with consumers. They can answer questions, resolve complaints, and review claims.