Artificial Intelligence has been deeply integrated into many consumer devices nowadays. It has the potential to mimic and produce outcomes through problem-solving methods that are similar to that of the human mind. Thus, AI, coupled with machine learning and deep learning, will change the landscape for many business sectors, including insurance.
Many enterprises were focused on the break-and-fix model, which helped AI integrated devices detect and flag incidents and provide possible courses of action. But this meant that the devices could not reduce downtime. Here is where prevent and predict tools come in.
The focus of IT enterprises has now shifted towards prevent and predict tools. These tools can detect problems before they occur. The IoT (Internet of Things) has facilitated the development of devices that are easy to use, cost-effective, and consist of sensors that can help prevent damage and loss for homeowners. As clients, suppliers, and insurance brokers become more equipped with technology, these devices can reduce the client’s expenses, time, and hassle and improve their loss ratios with insurance companies.
Insurance brokers need to understand emerging technologies and know what prevent and predict tools are available to their clients to offer secure and effective solutions, as IoT sensors can also lower insurance premiums.
Artificial Intelligence, coupled with prevent and predict tools have the power to change the insurance sector and bring about positive change. These changes include:
Artificial Intelligence can reshape the insurance industry's claiming, distributing, and pricing process. Insurance executives must embrace technology to improve customer satisfaction and grow their business. Join AAI and contact us today for more information.