Artificial Intelligence (AI) benefits the insurance industry by saving time and money, improving customer experience, predicting risk, detecting fraud, and improving profitability. Read more at: https://bit.ly/AI-In-Insurance

1. Importance of AI in Insurance

2. Table of Contents
1
2
Introduction
What Role Does AI Play in the Insurance Sector?
 Claims Reporting: First Notice of Loss
 Better Insurance Claims Management and
Investigation
 Improved Loss Estimation for Low Claims
Leakage
 Early Fraud Detection and Prevention
 Efficiency in Routine Operations
Conclusion
3

3. Copyright©2020 Damco Group. All Rights Reserved.
In the present age, industries are rapidly undergoing digital
transformation, and the insurance industry is not lagging either. By
tapping into the potential of AI in insurance industry, the insurers can
realize a number of gains like improved productivity, better customer
experience, streamlined claims management, etc.
Introduction

4. Copyright©2020 Damco Group. All Rights Reserved.
AI is playing an ever-increasing role in
the insurance sector by boosting
performance and efficiency.
For instance, it introduces self-servicing
and self-reporting features that expedite
the claims settlement process, thereby
laying the foundation for an improved
customer experience.
There are several other significant and
ground-breaking applications of AI in
insurance that we will explore in the
following slides.
What Role Does AI Play in the Insurance Sector?

5. Copyright©2020 Damco Group. All Rights Reserved.
The application of AI in FNOL can
help reduce human intervention in
the claim reporting, touting, and
triaging process. AI assistants
equipped with Natural Language
Processing and speech recognition
tech can effectively manage the
claims reporting process.
Claims Reporting: First Notice of Loss

6. Copyright©2020 Damco Group. All Rights Reserved.
Better Insurance Claims Management and Investigation
Utilizing AI for claims management
and investigation can help in the
optimization of claim lifecycle and
reduction of claims costs. With AI,
insurers can not only manage
claims faster and better but also
with fewer errors.

7. Copyright©2020 Damco Group. All Rights Reserved.
Improved Loss Estimation for Low Claims Leakage
By using AI technologies such
as machine learning in
insurance, the insurers can
predict and estimate the
damage and loss based on the
picture of the damaged object.

8. Copyright©2020 Damco Group. All Rights Reserved.
Incorporating Artificial Intelligence
technologies into insurance
claims fraud analytics offers
multiple benefits. While the
traditional process of fraud
detection is arduous and
expensive, the implementation of
AI can streamline it and make it
more efficient.
Early Fraud Detection and Prevention

9. Copyright©2020 Damco Group. All Rights Reserved.
The use of AI in insurance is
not just limited to claims
management and fraud
detection. AI can efficiently
replace human operators in
several routine operations
tasks, such as customer
service.
Efficiency in Routine Operations

10. Copyright©2020 Damco Group. All Rights Reserved.
Conclusion
Copyright©2020 Damco Group. All Rights Reserved.
AI finds several applications in the insurance
segment, right from lead capturing to post-sales
servicing. Artificial Intelligence could be the
competitive edge that offers a leg up to an insurance
organization without introducing drastic changes.

11. THANK YOU
CLICK HERE