Tag Archives: insurance

Car Insurance & Machine Learning Use Cases

car insurance machine learning use cases

The car insurance industry is one of the many sectors that have been disrupted by the advent of machine learning. In the past, car insurance companies have relied on historical data to set premiums. However, machine learning / AI has enabled insurers to better predict risk and price insurance policies more accurately. As a result, AI / machine learning is transforming the car insurance industry by making it more efficient and customer-centric. In this blog, you will learn about some key car insurance use cases which can be dealt using machine learning. Detecting fraudulent car insurance claims Fraudulent car insurance claims are a problem for both insurers and policyholders. They …

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Posted in Insurance, Machine Learning. Tagged with , .

Insurance Machine Learning Use Cases

insurance machine learning use cases

As insurance companies face increasing competition and ever-changing customer demands, they are turning to machine learning for help. Machine learning / AI can be used in a variety of ways to improve insurance operations, from developing new products and services to improving customer experience. It would be helpful for product manager and data science architects to get a good understanding around some of the use cases which can be addressed / automated using machine learning / AI based solutions. In this blog post, we will explore some of the most common insurance machine learning / AI use cases. Stay tuned for future posts that will dive into each of these …

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Posted in AI, Data Science, Insurance, Machine Learning, Product Management. Tagged with , , , .

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) …

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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 …

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