Tag Archives: insurance

Machine Learning – Insurance Applications Use Cases

machine learning insurance applications use cases

In this post, you will learn about some of the following insurance applications use cases where machine learning or AI-powered solution can be applied: Insurance advice to consumers and agents Claims processing Fraud protection Risk management AI-powered Insurance Advice to Consumers & Agents Insurance Advice to Consumers: Machine learning models could be trained to recommend the tailor made products based on the learning of the consumer profiles and related attributes such as queries etc from the past data. Such models could be integrated with Chatbots (Google Dialog flow, Amazon Lex etc) applications to create intelligent digital agents (Bots/apps) which could understand the intent of the user, collect appropriate data from the user (using prompts) …

Continue reading

Posted in AI, Data Science, Machine Learning. Tagged with , , , , .

Blockchain & Smart Contract for Quick Insurance Payouts?

insurance payouts and blockchain

In this post, you will learn about how Blockchain and Smart Contracts could benefit Insurance Claims Payout processes resulting in faster and smoother payouts. Blockchain is already having a positive impact on insurers and reinsurers by removing frictional costs by reducing the need for manual data inputting and multiple checks and data accounting between parties. Why delay in Insurance Claim Payouts? One of the painful aspects of insurance claims is delayed payouts. There are several reasons including some of the following which results in delayed claim processing and hence, delayed payouts: Type of insurance product/program: Different types of insurances result in the different duration of payouts on an average. Structure of the insurance program Level of cover …

Continue reading

Posted in BlockChain. Tagged with , .