Insurance
Health insurance represents one of the most powerful opportunities for the use of artificial intelligence technologies in B2B businesses. Businesses rely upon a wide range of insurance plans: group health insurance, workers' compensation insurance, general liability insurance, malpractice/professional liability insurance, property insurance, product liability insurance, vehicle insurance, life insurance, and more. ArtificialIntelligenceB2B.com is an AI software development company focused on creating custom and affordable artificial intelligence systems for insurance companies and other B2B businesses to increase productivity and efficiency, deepen the knowledge base, and enhance long-term growth.
Artificial Intelligence and Insurance Underwriting
Artificial intelligence and insurance underwriting make a perfect match, as AI is particularly effective in gaining deep insight with broad and complex data sets like those used to develop the complicated cost structures that undergird insurance policy underwriting. In each type of insurance, the risks and timelines that need to be balanced against the policy premiums are unique to the particular type. For example, a logistics company whose fleet is largely made up of drivers with long records of safe driving history can be charged less in insurance premiums while still driving profit for the insurance company issuing the policy. A business in which workers routinely find themselves in physical danger, such as those working construction in tall buildings, may be required to pay higher premiums than businesses in which workers are kept in relative safety.
Insurance underwriting can also include limitations and exemptions to further mitigate financial risk to the insurance company. These particular policy distinctions can be suggested by AI insurance systems for particular customers during the initial underwriting process to help insurers more effectively mitigate their financial risk when offering new policies to B2B businesses. Artificial intelligence is uniquely qualified to analyze big data on risk in a variety of business contexts to aid in the insurance policy underwriting process, helping to maximize benefits to the B2B business being covered while also maximizing profitability for the insurance company and its long-term health.
AI Insurance Claims Processing
AI is also useful for ensuring against fraud and other problems in insurance claims processing. Insurance fraud is one of the largest risks insurance companies take on, and it is crucial that insurance companies are able to effectively analyze claims against policies and ensure that claims are valid and have been reported properly. Artificial intelligence can be used by insurance companies to analyze all information from claim submittals against data on how fraudulent or mistaken claims have been made in the past, searching for common signs of impropriety or simple mistakes in claims processing on the part of policyholders.
In the case of potential fraud, artificial intelligence systems can alert insurance companies of claims that are particularly problematic and may point to ways in which such claims can be verified or alternatively demonstrated to be false. Sometimes, however, there may be a mismatch between how a policyholder identifies a particular claim and how the insurance company would classify it. AI insurance claims processing systems can be trained to be sensitive to these circumstances and help insurers follow up with policyholders to rectify any mistakes on insurance claims to ensure smoother processing. And, by automating the insurance claims process, insurance companies can more quickly validate authentic policy claims and thus deliver better customer service, helping to build a reputation for the insurer of reliability and promoting long-term relationships with policyholders and thus driving long-term growth.
About ArtificialIntelligenceB2B.com
The AI software development company ArtificialIntelligenceB2B.com is committed to making artificial intelligence systems that are more affordable and accessible for a wider audience of insurance and other B2B businesses. Founded as a division of DDA, ArtificialIntelligenceB2B.com is built from a 30-year legacy of continuous innovation in original software design and development, helping to pioneer the growth in eLearning and virtual medial simulation platforms as well as medical diagnostic training and research platforms, deep learning and collaboration tools, and more. Its long history of developing extensive databases and data reporting features for a wide variety of businesses and organizations uniquely qualifies the company to usher in the age of AI for B2B businesses of all kinds. Learn more about how artificial intelligence solutions will benefit B2B businesses by exploring this website further, or if you have your own particular need for AI, contact ArtificialIntelligenceB2B.com today.
