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    Insurance Sector

    Uploaded by

    Naman Gupta
    The document discusses the use of artificial intelligence, machine learning, and deep learning in the insurance sector. It outlines several primary use cases of AI in insurance, including claims processing, claims document processing, automated repair cost estimation, and appeals processing. It also discusses how AI is being used to streamline claims processing through technologies like machine learning, deep learning, robotic process automation, and the Internet of Things. Examples are provided of how AI chatbots can handle the entire claims process without human involvement. Key factors driving machine learning adoption in insurance are also summarized.

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    Insurance Sector

    Uploaded by

    Naman Gupta
    131 views17 pages
    The document discusses the use of artificial intelligence, machine learning, and deep learning in the insurance sector. It outlines several primary use cases of AI in insurance, including claims processing, claims document processing, automated repair cost estimation, and appeals processing. It also discusses how AI is being used to streamline claims processing through technologies like machine learning, deep learning, robotic process automation, and the Internet of Things. Examples are provided of how AI chatbots can handle the entire claims process without human involvement. Key factors driving machine learning adoption in insurance are also summarized.

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    The document discusses the use of artificial intelligence, machine learning, and deep learning in the insurance sector. It outlines several primary use cases of AI in insurance, including claims processing, claims document processing, automated repair cost estimation, and appeals processing. It also discusses how AI is being used to streamline claims processing through technologies like machine learning, deep learning, robotic process automation, and the Internet of Things. Examples are provided of how AI chatbots can handle the entire claims process without human involvement. Key factors driving machine learning adoption in insurance are also summarized.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    131 views17 pages

    Insurance Sector

    Uploaded by

    Naman Gupta
    The document discusses the use of artificial intelligence, machine learning, and deep learning in the insurance sector. It outlines several primary use cases of AI in insurance, including claims processing, claims document processing, automated repair cost estimation, and appeals processing. It also discusses how AI is being used to streamline claims processing through technologies like machine learning, deep learning, robotic process automation, and the Internet of Things. Examples are provided of how AI chatbots can handle the entire claims process without human involvement. Key factors driving machine learning adoption in insurance are also summarized.

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    You are on page 1of 17

    BUSINESS ANALYTICS

    PRESENTATION

    Presented by
    Rohit Khandelwal (K- 89)
    Ajinkya Patil (K- 61)
    Bhoomika Chandak (K-106)
    Rohil Gupta (K-108)
    Naman Gupta (K- 115)
    USE OF ARTIFICAL INTELLIGENCE, DEEP LEARNING
    & MACHINE LEARNING IN INSURANCE SECTOR
    INTRODUCTION

    Life Insurance.
    Motor insurance.
    Health insurance.
    Travel insurance.
    Property insurance.
    Mobile insurance.
    Cycle insurance.
    Bite-size insurance.
    Need for technology in Insurance sector
    PRIMARY USE CASES OF AI IN
    INSURANCE

    • Claims processing
     Manual/inconsistent
    processing
     Varying data formats
     Changing regulation

    • Claims document processing

    • Automated repair cost estimation

    • Appeals processing
    Graph showing use of AI over the
    years
    Streamlined Claims Processing

     AI (machine learning
    and deep learning)
     RPA (robotic process
    automation)
     IoT (internet of
    things)
    Using AI chatbots to compete with
    giant insurance companies

    For example, Jim—the AI claims experience


    bot, can handle the entire claims process
    without a hitch. In 2019, Jim dealt with
    20,000 claims and other customer queries and
    paid out over $2.5 million with no human
    involvement.

    The implementation of AI solutions such as


    AI-enabled bots can well across various
    business lines—chatbots can help to improve
    customer service, collect and analyze
    personal data, or process claims all while
    decreasing the workflow in business
    operations and reducing costs.
    Accelerated Claims Adjudication
    Winning Insurance Customers with
    Competitive Premiums for Drivers

     Predictive cost
    analytics for claims
     Driver performance
    monitoring
     Real-time accident
    support
    Future of AI in insurance sector
    5 Noteworthy Deep Learning Use
    Cases in Insurance
    The insurance industry can leverage Deep Learning technology to improve service,
    automation, and scale of operations

    Property Actuarial
    analysis analysis
    Claims
    Personalized Fraud
    offers Detection
    Examples of Deep Learning
    Virtual
    Assistant

    Autonomous
    cars

    DEEP Chat

    Learning bots

    Facial
    Recognition

    Shopping and
    entertainment
    KEY FACTORS DRIVING MACHINE
    LEARNING IN INSURANCE
    The key market forces driving the adoption of AI and advanced
    machine learning are: -

    Smart Ability to
    Everything talk back

    Open source Harnessing


    everywhere Internet of
    things data
    References
    • https://www.v7labs.com/blog/ai-insurance
    • https://unit8.co/resources/the-impact-of-ai-in-insurance/
    • https://research.aimultiple.com/ai-insurance/#:~:text=%20What%20are%2
    0the%20primary%20use%20cases%20of,lab%20testing%2C%20biometric%
    20data%2C%20claims%20data%2C...%20More%20
    • https://inmediatesg.medium.com/common-applications-of-artificial-intellig
    ence-in-the-insurance-industry-657deaa6ce45
    • https://www.biondocreative.com/2017/08/googles-ai-search/?__cf_chl_jsc
    hl_tk__=pmd_W2zGZkDxJzvCutq.Y18wjL9CGOf2AEhcnl.vabiGvno-16327562
    89-0-gqNtZGzNAfujcnBszQjl
    • https://igniteoutsourcing.com/fintech/insurance-technology-trends/
    • https://www.taire.com/blog/machine-learning-artificial-intelligence-life-ins
    urance

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