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How to use AI in the Insurance Industry

"AI and insurance": Two terms and two universes that are now inseparable. The artificial intelligence revolution is well and truly underway. So, how can professionals use it to their advantage?

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How to use AI in the Insurance Industry


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In the insurance sector, artificial intelligence can offer businesses solutions to overcome a variety of challenges, from improving client experience and boosting productivity to handling claims and detecting fraud. Let's focus on 5 tools that are perfectly suited to the insurance business.

5 tools for using AI in the insurance industry

AI is literally everywhere, and insurance professionals make use of it in a variety of ways. We've put together a list of 5 AI tools with relevant features:

AI tool for insuranceMain featuresPricing
1. Ringover Business telephone system with AI transcription softwareFrom £19 per monthuser
2. EmpowerConversational AI analysisFrom £69 per monthuser
3. KonfuzioDocument verificationNot provided
4. TractablePhoto analysis of vehicle claimsNot provided
5. ChatGPTContent generation and extraction4 packages, including a free package with limited features

We'll explore each of these tools in more detail in the next few paragraphs, but first, let's introduce the various uses for "AI in insurance."

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How can AI be used in the insurance sector? [Examples]

Artificial intelligence can support insurance professionals in a number of ways. Here are some of the ways it's used in the sector:

Client experience

AI can help insurers, brokers and other industry professionals improve their clients' experience.

For example, AI-powered chatbots, which are available 24/7, can be used to answer clients' frequently asked questions and can even help them choose the offer best suited to their needs.

Customer services can also identify trends in client complaints using a conversational analytics solution. AI is capable of analysing telephone conversation content and identifying specific terms.

Based on this data, professionals can more easily make decisions such as:

  • Adjusting the price of an offer;
  • Creating an article discussing a specific issue on their blog;
  • Improving chatbot responses, etc.

Claims management

AI can also help improve claims management. How? By analysing vast datasets of past claims, current legislation, contracts, diagrams, photos and declarations. 

AI systems can automate the pre-processing of claims by analysing the information provided by clients, and even decide whether human intervention is required. This automation speeds up claims processing, reducing delays for policyholders.

Risk forecasting and customised packages

Risk assessment and the cost of premiums are often a bone of contention between insurers and policyholders.

Thanks to AI-powered technology capable of analysing specific market data, the tendency to incur or cause claims, insurance companies are able to make more informed underwriting decisions.

Fraud detection

Insurance companies are gradually equipping themselves with tools capable of identifying fraud more easily, by spotting behavioral patterns, anomalies, identity theft and other attempted scams.

Automation is undoubtedly THE great transverse advantage of the uses listed above. In fact, AI can help automate underwriting and claims processes, fraud detection or risk prevention. As a result, industry professionals can save time and focus on higher value-added tasks.

AI and insurance: 5 useful tools

Let's explore 5 AI tools relevant to the insurance industry professionals in more detail.

1. Ringover and call transcription

Ringover's teams have developed a 100% cloud-based telephony solution that is ideal for companies in all industries. It is suitable for all teams, on-site or remote, and all departments (sales teams, customer service, recruitment, marketing, etc.). 

In addition to its many business telephony features (IVR, intelligent routing, call campaigns, CRM integration, etc.), Ringover also features an AI-powered automatic call transcription software. 

Every call is automatically transcribed, with good accuracy and speed. This eliminates the need to listen to a call or take notes. The tool allows you to search for terms directly in the transcription.

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In addition, each transcript can be translated into several languages, including English, French and Spanish. This makes it particularly useful for multicultural teams.

Ringover is now available as a free trial. To find out more about how the solution can benefit your business, contact our team of experts. They will be happy to answer your questions.

2. Empower for conversational analysis

Managing claims and disputes are two of the challenges facing customer service teams in the insurance industry. Two issues that can be solved with the help of a good conversational analysis tool. 

Also developed by Ringover, Empower is a conversational analysis solution powered by artificial intelligence. It stands out for its precision and speed of execution. Empower has one of the best call transcription tools on the market. The AI tool also boasts advanced features:

  • Call summaries so you don't have to take notes, saving time for all the teams involved.
  • Customised notes and tags for each transcript to facilitate organization and collaboration.
  • Analysis of caller moods using sentiment analysis technology, which can be used both as a client knowledge tool and as a support for agent training and coaching.
  • Automatic identification of conversation topics to identify trends in client complaints, enabling concrete actions to be taken to improve client experience.
  • Statistics and recommendations on the quality and content of exchanges with policyholders, to ensure that exchanges remain in line with your insurance call centre standards.
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3. Konfuzio

As mentioned earlier in this article, fraud detection is a major challenge for professionals in the insurance industry. But checking documents daily with the naked eye to determine their authenticity is no longer an option. 

AI software like Konfuzio helps prevent fraud, such as identity theft, or tampering with documents, which can be very useful in claims management.

4. Tractable

A rising star in Assurtech, Tractable is an AI solution that speeds up the resolution of vehicle claims. The goal? To save time and money for insurers and repairers.

Tractable can identify damage to a vehicle from a photo in just a few seconds, simplifying the work of technical experts. One thing's for sure: Tractable will be a force to be reckoned with in the months and years to come, as the tool's developers are already extending its capabilities to other types of damage.

5. ChatGPT

Finally, how could we not mention ChatGPT? The conversational bot developed by OpenAI can be used in the insurance sector in a variety of ways:

  • For insurance company call centres which can, for example, use ChatGPT prompts for customer service.
  • To qualify customer complaints by gathering initial information, and better guide them.
  • As a coaching and training tool, through the creation of training content for sales teams.
  • To analyse policyholders' comments and feedback on the services and products provided.
customer service prompt

The bottom line

Artificial intelligence undeniably offers significant opportunities for insurance professionals. As we've seen, the how using AI in the insurance field isn't simply limited to boosting professionals' productivity. 

Indeed, AI is of great interest when it comes to client experience and fraud detection. 

Artificial intelligence solutions such as those developed by Ringover are continually being improved to respond precisely to the specific needs of professionals and the concerns of their clients.

Find out more right now about our solutions to understand how Ringover can help you improve the experience of your clients and employees.

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