AI Adoption and the Insurance Industry
Are Insurers already applying AI?
AI has the potential for transformative changes in the Insurance industry, it will reset business processes for making decisions in property, casualty, and life.
Using AI & machine learning enables traditional insurers to deploy analytics in a fraction of the time it usually takes, delivering enhanced speed to market, more accurate pricing, reduced loss ratios, and higher conversion rates all whilst providing resilience in these uncertain times.
87% of insurance companies have already invested over £5 Million in AI to disrupt this market, let us show you how we can help – Everest Global.
0of insurance companies have already invested over £5 Million in AI to disrupt this market, let us show you how we can help – Everest Global
AI and Insurance
AI-driven insurers can deploy predictive analytics in a fraction of the time it usually takes. Our Automated Machine Learning platform, delivers a competitive advantage that provides vastly greater speed to market, more accurate pricing, reduced loss ratios, and higher conversion rates.
See how Data Technology can help you
- Identify: profitable prospects
- Accelerate: conversion rates
- Improve: quote accuracy
- Increase: renewals and reduce “churn”
- Inculcate: “best practices”
- Deploy pricing: models without reprogramming
- Increase accuracy: of loss costs
- Develop rates: five to fifteen times faster
- Develop losses: individually for each claim
- Build reserves: accurately from the “bottom up”
- Access leading-edge: machine learning algorithms
- Identify claims: for straight-through or manual processing
- Flag potentially: fraudulent claims
- Identify subrogation: opportunities
- Predict claim severities: and large loss potentials
- Improve adjuster performance: with outcome-based assignments
All use cases underpin increasing revenue, reducing costs and delivering excellent customer service
High value use cases for every Insurer
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