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Artificial Intelligence and Business Insurance

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05 Jun 2024

Another Artificial Intelligence Headline

Everywhere you look, there’s another headline about the impact of artificial intelligence (AI). This new technology is changing the way we complete daily tasks and morphing how industries function. 

Business insurance is also experiencing sweeping change. While artificial intelligence hasn’t immediately changed everything about the industry, as some expected, its effects are being seen far and wide. 

In most cases, artificial intelligence increases productivity and efficiency but certainly does not replace the necessary human element in commercial insurance. Let’s take a look at how AI is making waves.

Artificial Intelligence and Business Insurance

Here are a few ways artificial intelligence is significantly impacting business insurance:

Data Analysis

Any insurance policy requires analyzing large amounts of data to determine risk levels and associated costs for the insurer. AI’s most powerful attribute is the ability to analyze massive volumes of data in record time. Insurance providers will continue to use artificial intelligence to expedite data analysis and reduce errors.

Claims Processing & Underwriting

Processing claims and underwriting new policies are the two main processes in commercial insurance. Artificial intelligence is creating faster turn times and more personalized policies. Additionally, after analyzing the inputs, AI can make various recommendations on claims issues in record time. 

Client-Facing Interaction

While much of AI’s impact is seen in back-end services, it continues to become more popular for client-facing interaction. Sales and marketing employ AI programs to create advertising content, and highly intelligent chatbots are implemented to provide immediate customer service at the touch of a button.

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