While insurance is often seen as a bureaucratic sector, artificial intelligence is streamlining processes, improving customer service, and increasing efficiency.
Benefits for Large Corporates
AI is particularly valuable in corporate insurance, where contracts are complex.
Key types of corporate insurance include:
- Liability insurance: protects businesses from financial losses caused to third parties.
- Property insurance: covers assets such as buildings, vehicles, and equipment against theft and other risks.
- Employee health insurance: often provided as voluntary health insurance funded by the company.
- Cyber insurance: protects against data breaches and cyberattacks.
Preparing and reviewing corporate insurance documents is time- and resource-intensive. AI reduces time spent and streamlines processes.
AI Applications and Insurance Automation
While insurance is often seen as a bureaucratic sector, artificial intelligence is streamlining processes, improving customer service, and increasing efficiency.
Benefits for Large Corporates
AI is particularly valuable in corporate insurance, where contracts are complex. Key types of corporate insurance include:
- Liability insurance: protects businesses from financial losses caused to third parties.
- Property insurance: covers assets such as buildings, vehicles, and equipment against theft and other risks.
- Employee health insurance: often provided as voluntary health insurance funded by the company.
- Cyber insurance: protects against data breaches and cyberattacks.
Preparing and reviewing these insurance documents requires significant time and resources. AI reduces costs, optimises processes, and cuts insurance expenses.
AI Applications
Experts highlight five core areas where AI is making an impact in insurance:
- Service approval.
- Pricing.
- Risk assessment.
- Personalisation.
- Claims handling.
Insurers increasingly use AI for service approval in voluntary health insurance. Neural networks verify services requested against diagnoses and check cover within the policy. This is especially valuable for corporate clients with many employees. AI saves time and reduces errors.
AI models process large volumes of data and consider all factors affecting customer behaviour, enabling tailored offers. AI also analyses both structured and unstructured data for risk assessment. Many insurers use AI to detect fraudulent claims and analyse insured events, which speeds up the process and boosts client trust.
Chatbots also streamline interactions: staff get quick answers to questions without contacting the insurer directly. AI also reduces time spent on document preparation.
Process automation is achieved with neural networks verifying documents during claims settlement. This reduces payment times from days to hours.
All this eases the workload for staff and cuts insurance costs. The AIINS platform uses neural networks to assess non-price parameters in complex corporate agreements, supporting effective management decisions.
Experts highlight five core areas where AI is making an impact in insurance:
- Service approval.
- Pricing.
- Risk assessment.
- Personalisation.
- Claims handling.