In an industry that has proven resistant to change for a long time, insurance is undergoing a digital revolution. Underwriters are perusing more information to gauge risk more efficiently and offer tailor-made pricing to their customers with the advent of advanced ML algorithms. On the back end, the insurance process is being streamlined by AI to connect applicants with carriers more efficiently and with fewer errors.
This rapid change means big things for insurers and applicants alike. At MAG, we build sophisticated AI solutions for the insurance industry to bridge new frontiers and empower companies with the tools to provide their customers with a seamless experience.
Insurance underwriters have historically relied on user-provided data to assess the insurance risks of clients. The obvious problem facing them is applicants who may be dishonest or simply mistaken, severely affecting the accuracy of these assessments.
At MAG, natural language understanding (NLU), is one of the techniques we employ to enable insurers to pore through more abstract sources of information, bundling pertinent data together to augment the assessment of the insurance carrier’s potential risk.
Implementing intelligent algorithms for insurance companies that drive customer successRead All
AI is a key watchdog in the fight against fraudulent claims for insurance companies. We build solutions that are excellent at detecting patterns that might escape human cognition.
With a complex distribution chain that involves a series of middlemen examining information between the insured and the carrier, the insurance industry is winding and complex. This can lead to a lot of human error and manual work that slows the process. However, AI is starting to fix this problem.
Even though insurance is a sector resistant to change, good customer service is of utmost importance. People often stop using the services of institutions with bad customer service, which is a big reason why so many insurance company websites now include chatbots.
To facilitate the amplification of tailored marketing to boost sales of insurance products, companies need to have a very good understanding of their customers including their purchasing behaviour. MAG is instrumental in building tools and capabilities for companies that allow them to do just that so that they can not only enrich the overall experience of existing customers, but also attract new ones into their fold.
Pricing insurance products right is a highly specialized activity and one that requires a significant understanding of past and future trends. At MAG, we aid companies in insurance product pricing by building AI solutions that take a variety of parameters into account and ensure optimal pricing that is sustainable as well good enough to retain customer to a high degree.
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