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Machine Learning in Insurance

Written by CFTE’s Experts

If we peek into the domain of computing and artificial intelligence, machine learning has become the talk of the town. This field seems to be ever-expanding, yet the potential benefits still haven’t been fully realised. The insurance industry has benefited a lot from it too, to the point everything is changing.

How Machine Learning is Transforming the Insurance Industry

Here are some interesting ways machine learning has transformed the insurance industry, so far:

It is Improving Customer Service for Insurance Companies

Thanks to machine learning, insurance companies are able to provide better services to their clients. This tech has enabled companies to attend to queries and help customers all the time. Machine learning can provide more accurate services without discrepancies, thereby enabling customer satisfaction and more productivity, overall.

Security and Integrity Has Significantly Increased

Note that machine learning has a wide range of applications in various computing domains. Therefore, it is now able to provide efficient security systems to insurance companies as well, due to which problems like insurance fraud have decreased significantly. It is expected that such security and immunity will only but strengthen with time.

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Helping Companies Identify more than Ever

During the identification process, like when an insurance claim has been made over a car, agents find it really hard to identify all the problems that need fixing. However, machine learning has enabled insurance companies to identify more problems than ever, some of which were impossible and unfathomable before.

Applications of Machine Learning in the Insurance Industry

Of course, none of that transformation comes without sufficient application of the technology. Some useful applications of Machine Learning in the Insurance industry are as follows:
– Analytics for Insurance marketing required machine learning. Machine learning algorithms allow these companies to understand the market trends and prospects.
– AI-powered voice and text assistants are being used, which have a lot of machine learning incorporated within them. Chatbots are just one example of them.
– Lapse management for policies is done via machine learning tech.

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Insurance Companies that use Machine Learning

Here are some Insurance Companies that are effectively making use of Machine Learning:
State Farm is a big name in the insurance industry that uses machine learning within various technologies to increase their performance.
Allstate Insurance makes use of AI and Machine Learning services that are provided to them by an agency called Earley Information Services.

Conclusion

Machine learning is only but a subset of a much larger domain of artificial intelligence. We understand how unbelievable the scope of ML has been, let’s just try to fathom how impactful AI would be as a whole.

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The Centre for Finance, Technology & Entrepreneurship (CFTE) is a global education platform that aims to equip financial professionals and organisations with the necessary skills to remain competitive in a rapidly changing industry. Our leading training programmes, curated by global industry experts, help talent build skills to join the digital revolution in finance. CFTE’s courses are globally recognised with accreditations from ACT, IBF, CPD, SkillsFuture and ABS.

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