Provide the Right benefit
to the Right Person
How our AI-enabled Predictive Analytics Operates
in Insurance Companies
AI for Insurance Industry
Insurance is a way old industry that exists for centuries and has evolved in different formats and has underwent various transformations, today right from humans to cattle and houses everything holds insurance which is considered to be the legal security that gives an assurance for our existence in this ground. When it comes to complaints, it can be widely classified into two categories where one depicts the final claims for an individual doesn’t reaches them post their demise, due to improper in clarity of the mentioning the succeeding acclaimers the amount get stagnated within the insurers account and the end person doesn’t gets the actual benefits.
This is the major reason behind people to make them think about enrolling the insurance policy, which the feel that the claims will not reach them in the end. Parallel fraudulence do occur from the insure side when it comes to acquiring the claims for their damages vehicles and other assets where they objectify more than the actual, and the lethargic cross-verification from the insurance companies gets assisted to it and paving way to fraudulence occurrence.
Advent of AI
The advent of AI (Artificial Intelligence) is actually a great boon to the industries which are suffering in different aspects on their own way, talking about the insurance industry; the claim related dispute is a way old un-solved issue that keeps happening for decades even in the developing economies like India.
By making good use of the AI concept and deploying it in a right way, the insurance industry can actual formulate the individual claims to the concerned person’s and their heirs, similarly they can detect the fraudulence occurring in vehicle and other general insurance activities.
How our AI-enabled Predictive Analytics Operates
in Insurance Companies
Underwriting is a whole big concept on its own which involves several activities ranging from fraud analysis to risk assessment in a particular policy, hence the entire set of activities cannot be carried out in a flawless way and they are certainly prone to human errors.
To overcome these issues AI comes for the rescue, where we as a proactive technology firm deploy the best predictive analytics for insurers that helps them to carry out the underwriting process successfully.
Ranging from individual insurance to general insurance which is provided for different people and assets as well in the insurance sector holds its own pricing and it is determined based on several influencing factors. Factors like competitors pricing, value of the insurance, and motto of the insurance are considered here to finalizing its end price. These calculations might get turn the other way, since they were formulated by humans till date.
By deploying the AI concept, insurers can now fix the most competitive rate for their policies that adds mutual benefit to their adapters and to the company, hence bringing a win-win situation. We provide quality predictive analytics for insurers that help them in fixing the pricing of their schemes and plans.
Claims are the most important aspect of insurance sector, were the fraud occurrence highly takes place on both the sides, where the insures gets affected mainly by the so called middle men or the agents who might be unprofessional or lethargic in their approach which leads to the claims not reaching the concerned client. The agents are bound to provide proper education on acquiring the claims which is not happening till date with most of the insurance policies, similarly the clients on the other hand also used to impose more on their vehicle damage than the actual and derive a high amount from the insurance companies.
Hence it becomes essential to deploy a high end technology which would avoid these fraudulence activities and since we have come up with the predictive analytics for insurers that helps to nullify the fraudulence activity either side.
Sales and marketing are the key activities that derive business and expected results to any organization or industry provided if they are implemented in a proper way. Still, the results of any marketing and sales driven approaches cannot be figured out or measured in this existing stereotypical approach. However, it is crucial and highly essential to know the results that help in validating the sales and marketing activities.
Insurance industry also suffers from the lag of gauging the results of marketing activities and hence they still remain unaware of their mistakes. We provide solution in the form of predictive analytics for insurers that help the insurance companies to validate their marketing activities and figure out the flaws which help them to rectify the same in future.
Reserves are the claims and other backups that any insurance companies must maintain to safeguard themselves and carry forward with their essential activities without any hindrance. Here prediction is the primary and important activity to be carried out and when it is done by human, it becomes highly vulnerable to mistakes and other setbacks that lead to estimation of improper reservation for the company.
Hence the incorporation of predictive analytics for insurers has become mandatory here to make the right prediction of reserves and provide profit to the insurance company that adapts the technology.
Deployment of Damage Inspection using AI
Defect Analysis of Automotive
Claim related fraudulence usually happens with the general insurance in terms of automotive, especially the cars. Clients used to bombard a bit high always in terms of their vehicle damage and tries to incur maximum amount by submitting false proof to the insurance companies in the form of documents.
Hence it is actually lose for the insurer to provide excess amount when compared with the exact damage. To overcome this kind of fraudulence we have introduced the method of damage inspection using AI that helps the insurance service providing companies to analyse the exact damage occurred over a vehicle and estimate the right compensation for the same.
Defect Analysis for Households
Home insurance are available these days and by insuring your households now individuals can claim a certain amount from the concerned insurance company when their house gets exposed to unexpected damage that bounds within the clause of the insurance policy held by the individual. Similar to the automotive, the individual also tries to exaggerate things when their household gets affected by any unexpected situations like natural calamities, riot etc.
Hence it becomes essential for any insurance service provider to cross verify the actual damage and provide the exact claim to the concerned person. We deploy the concept of damage inspection using AI with drone technology and the visual image capturing the captures pixel perfect image of any household and provide valid results which assist the insurer to take corrective decision.
The wide spread of insurance is so intense where we can see that even mobile phones are getting covered up under the insurance part. Mobile phones especially the smartphone category plays an important role in everyone life despite their demographic profile. It has become an external organ of humans these days and even the professionals are highly relying on their smartphones to carry out several of their business activities.
Damage reimbursement do avail for smartphones too and hence it can be properly implemented through the application practice of damage inspection using AI, where the insurer can provide claims to their clients based on the occurred damage on their smartphones.