Every day digital advancements change the way we look at and interact with the world. New ways of sharing information and collating data have made things in some ways simpler, even in complex areas such as auto insurance.
Advancements in AI (Artificial Intelligence) are the most likely to bring a great chance to auto insurance. Currently, we are looking at an insurance market that has changed very little over the years. The real question is, how much longer can stagnation last?
Full article: http://amigomga-insurance.net/personalizing-the-auto-insurance-industry-with-the-help-of-ai/
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Personalizing Auto Insurance with AI
1. 5/18/2021 Personalizing the Auto Insurance Industry with the Help of AI | Amigo MGA General Insurance
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Amigo MGA General Insurance
Personalizing the Auto Insurance Industry
with the Help of AI
May 18, 2021 by Amigo MGA (Edit)
Every day digital advancements change the way we look at and interact with the world. New ways of
sharing information and collating data have made things in some ways simpler, even in complex areas
such as auto insurance.
Advancements in AI (Arti cial Intelligence) are the most likely to bring a great chance to auto insurance.
Currently, we are looking at an insurance market that has changed very little over the years. The real
question is, how much longer can stagnation last?
AI still has a long way to go before it is on par with the beings portrayed in science ction novels. Still,
there are plenty of ways for modern AI to help the insurance world. AI processes can help with pricing,
handling claims, and fraud detection, just to name a few options.
The advantage of using AI to set prices comes with the ability to create individualized and personalized
policies. An insurance company that employs this tactic will provide custom quotes curtailed to the
clients’ needs, creating a competitive advantage.
Arti cial intelligence could easily customize these policies based on user location, marital status, family
status, the likelihood of premium charges, driving history, and more. Most notably, it could also make sure
of IoT (Internet of Things) to draw in more personalized data.
Given the potential power of AI, the level of personalization is limitless. The policy could go beyond
personal records and look into the car the coverage is intended for. Here crash and injury data could
quickly come into play, as well as automotive history.
As for handling claims? It wouldn’t take much effort to automate the handling of certain claims through
the use of arti cial intelligence. This would save time and money in the long run and give clients a faster
customer service experience.
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In turn, this would shorten the time required for settling claims. This will result in happier customers, but it
will help limit fraud cases in the process. This is a vital element, as insurance fraud is currently costing
companies around $40 billion per year. AI can easily detect fraudulent cases, diminish risks, and
streamline the process for legitimate cases.
Filed Under: Amigo MGA, Auto Insurance
Tagged With: Alan Rasof, Amigo, Amigo MGA, Amigo MGA LLC, auto insurance, autoinsurance, car insurance, general
insurance, insurance, insurance policies, insurance tech, personal insurance, premium, self-driving cars
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