OpenFinancial.AI - Insurance is an Artificial Intelligence (AI), Machine Learning (ML) and Deep Learning based customizable solution suite for insurance services.
Insurance companies have started using AI and machine learning technologies for Claim processing. Chatbot solutions appear to be the most mature claims processing technologies for insurers as of now. Online interfaces and virtual claims adjusters will make it more efficient to settle and pay claims following an accident, while simultaneously decreasing the likelihood of fraud. By using image-based technology to help process accident-related damages and estimate how much money is owed to end customers Insurance companies can significantly reduce the length of the overall process.
Machine learning algorithms can be trained on millions of examples of consumer data (age, job, marital status) and financial lending or insurance results, such as whether or not a person defaulted or paid back their loans on time. The underlying trends that can be assessed with algorithms, and continuously analyzed to detect trends that might influence lending and ensuring into the future.
Anomaly detection approach allows machine learning models to establish a baseline of what a normal claim might look like, and thus a general sense of how to recognize any anomalies.
AI will enable a seamless automated buying experience, using chatbots that can pull on customers’ geographic and social data for personalized interactions. Carriers will also allow users to customize coverage for specific items and events.