DataVersity - Shaip

Why use AI to Transform the Insurance Industry?

Is the paper trail insurance process reducing process efficiency? Then you need to adopt AI to accelerate your automation efforts. Don’t know how to start? Read this guest feature by Vatsal Ghiya CEO and Co-founder of Shaip who has shared his two cents on the role of AI in the insurance industry.

The Key Takeaway from the Article is-

  • Times are changing and now the insurance industry is planning to leverage the latest technology trends to transform the insurance process. Among all the technologies, AI is gaining a lot of traction from insurance leaders. AI in the insurance market is expected to reach 1 trillion by 2025.
  • Using AI technologies like NLP, machine learning, and OCR, the insurance industry can transform the multiple insurances process like claims process, data extraction & processing, fraud detection, and prevention claims adjudication with visual inspection AI, customer service ticket resolution, and a lot more.
  • Using this top trend technologies insurance industry not only gets the capability to accelerate the insurance process but also in enhancing the customer experience and creating a personalized experience for them as well.

Read the full article here:

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