Acclaim Online Reporting Through a Digital Dev
Added on 2021-04-24
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Running Head: EFFECT OF AI ON INSURANCE INDUSTRY 1EFFECT OF AI ON INSURANCE INDUSTRYAURTHOR NAMEUNIVERSITY OF AFFILIATION
EFFECT OF AI ON INSURANCE INDUSTRY 2Executive summaryPurchasing of a general and life insurance policy online it is not that easy to picture. Reporting of acclaimthrough a digital device such as mobile app and later receiving payment through a digital method, is possible. Suppose the process was very seamless would the consumer have preferred not having talked to anyone during this process? In the insurance industry, the artificial intelligence has begun making the customer journey very possible through bringing a paradigm, shift in the way consumers transact insurance and think of insurance. This study looks at the effect that artificial intelligence has produced in the insurance industry.
EFFECT OF AI ON INSURANCE INDUSTRY 3Table of contentsExecutive summary.....................................................................................................................................2Table of contents.........................................................................................................................................31.0 Introduction...........................................................................................................................................41.1Background............................................................................................................................................41.3Problem statement..........................................................................................................................41.4 Research Aims...................................................................................................................................51.5 Research Objectives..........................................................................................................................51.6 Research questions............................................................................................................................51.7 Research rationale..............................................................................................................................62.0 Research methodology.......................................................................................................................62.1 approach........................................................................................................................................62.2 Sample place..................................................................................................................................62.3 Study population............................................................................................................................72.4Study period....................................................................................................................................72.5Data collection................................................................................................................................7Interview..........................................................................................................................................7Observational...................................................................................................................................82.7Data analysis techniques.................................................................................................................82.8Plan for interpretation of the research result...................................................................................8Results.....................................................................................................................................................9Discussion...............................................................................................................................................9Conclusion...............................................................................................................................................9References.............................................................................................................................................10
EFFECT OF AI ON INSURANCE INDUSTRY 41.0 IntroductionArtificial intelligence is the integration of the human intelligence processes by machines, mostlycomputers systems. These processes comprise of the learning and reasoning and correction thatare self-made. Artificial intelligence has been integrated into business and applies to the task thatis highly repetitive which are performed by the people. The machine learning algorithms havebeen incorporated into the CRM platforms and analytics so that the information can beuncovered on ways of enhancing the consumer service.There has been an incorporation of thechat function in the insurance websites so that consumers can receive a rapid service.1.1Background The insurance industry is taking significant advantage of the artificial intelligence. Majority ofthe consumer inquiry or communication are automatically placed following a particular type ofthe event. The artificial intelligence enables the transfer of the more significant data sets fromone system to the other system(Harris, 2016).. The transmission can be on internal insurancesystem or between third parties and the insurers such as network repairers or the brokers(Morgan, 2012). Through the integration of the insurance and artificial intelligence, a simple taskcan be rapidly done and in an accurate manner.(Brooks,2013). Insurance companies can processsignificant data volumes. The data provided can be used in the analysis of the information andinsight that are useful.The data that the insurers do have is both a blessing and a curse (Datafloq.com, 2015). Miningdata can be complicated for information that is meaningful and new. However, the crunching ofthe members of the datasets that are massive require some necessary computing power and has tobe managed carefully to generate valuable learning(Insurance,2012). Use of the data analyticslets the insurer understand the risk more carefully. It makes it easier for the analytics to have akeen eye in spotting the trend which can lead to the accurate pricing and give advice on the betterrisk management (Rouse, 2012).This can help identify the fraud activity taking place.1.3Problem statementThe more significant percentage of the insurance consumer industry is more frustrated with themanual purchasing of the insurance policy cover, claim to report and to receive payment.Consumers have a different work schedule, and during the scenario of claim reporting, theymight not be able to find time due to their busy schedule. This has led to a significant
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