Outlook Money
AI is now being used in everyday life. It has brought revolutions in the insurance industry, by underwriting, by enhancing accuracy, efficiency, and speed.
AI-driven underwriting process is used to detect frauds using ML algorithms, personalize pricing based on risk profile, reduce process time, and analyze vast data in real-time, etc., as it is for traditional methods.
AI algorithms can leverage a wide range of data sources, which results in improving efficiency and lowering the risks for insurance companies.
With AI, one can check the fairer pricing based on individual risk and enhance the claim settlement and policy approval speed, and be more accessible to the underserved population.
AI has the risks of lack of transparency, data privacy and biased decision-making.