Machine Learning and Artificial Intelligence can be used in the insurance industry to identify fraud by using modeling, rules, text-mining, and database searches. Big data analytics play an important role in managing overall claims. Using machine learning and artificial intelligence helps in reducing human error in analyzing the claims.
For example, a 1% improvement in the loss ratio for a $1 billion insurer, is a $10 million improvement. So, if companies use machine learning and artificial intelligence can predict the risks associated with the insurers and prevent them.
Using Machine Learning and Artificial Intelligence to automate the basic policy inquiries like call-center, and web-chat services can enhance the efficiency of customer serving and reduce operational costs.
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