Mark Hauser and HAUSER Discuss AI Trends in Insurance
Artificial intelligence is often one of the most discussed topics in technology.
Mark Hauser, Director of AI at software company HAUSER, has a decade’s worth of experience working in the field. In this piece, he discusses some intriguing AI trends in the insurance industry.
Trend 1: Repetitive task automation
Repetitive, manual tasks characterize the insurance industry. Mark Hauser outlines that the closer that insurance company come to automating manual processes completely, the more value artificial intelligence will be able to provide in other areas. For example, insurance companies will be able to use their expanded capacity to improve customer service by resolving claims more efficiently and increasing the transparency of the claims process for customers. Insurers will also provide better information to customers and regulators, resulting in reduced regulatory costs and consumer satisfaction. Because of these benefits, AI is widely believed to be a key technology for insurers.
Trend 2: Predictive artificial intelligence systems
The insurance industry is rife with variables, making it a prime candidate for predictive AI systems. Mark Hauser says that predictive systems are designed to anticipate customer needs before they arise, thus keeping them satisfied. By using a variety of inputs, including historical data and information related to the customer, predictive systems can be used to develop a psychological profile of each customer. With AI, these predictive models can be continually improved upon to meet customer needs and expectations better.
Trend 3: InsureTech improves claim filing and processing
As the volume and complexity of insurance claims increase, consumers have become increasingly dissatisfied with their current insurance providers. InsureTech is poised to address these concerns. These modern technologies have already begun changing the landscape of the insurance industry by providing a faster, more transparent claims process. New technologies such as artificial intelligence will further enhance the claims process, making it quicker and easier for customers to file a claim, understand their coverage, and receive a fair settlement.
Through artificial intelligence, insurance companies will be able to improve their customer service and satisfaction and reduce regulatory costs, making insurance an increasingly attractive proposition for all stakeholders.