SURETY.AI: Three Ways AI Tech Will Benefit Insurance Platforms
While Artificial Intelligence (AI) technology is still in its relative infancy, innovation in this area is gaining momentum at a rapid pace. This article will examine three ways that the adoption of AI will offer potential gains to insurance companies, salespeople, and policy-holders.
‘both sides will see each other as more trustworthy’
1. More personalized coverage:
Access to the Internet of Things (IoT) will allow AI technology to assess customers’ data and provide the cheapest, most fitting coverage for every individual. This will save time and resources for insurance brokers who will have easier access to the data of their customers, not to mention both sides will see each other as more trustworthy.
2. Smoother customer experience:
Chatbots powered by AI will allow the customer to enjoy a more streamlined buying experience. This is also highly valuable in the new trend towards micro-insurance. Micro-insurance breaks down traditional insurance coverage into flexible, clear, and personalized products. You can purchase insurance for a single flight or even for delays of a single flight. You can insure single devices, farm animals, or against a specific weather condition. The very nature of the products means that claim values are smaller, and processing is automated. Imagine buying a new laptop, fishing rod or eScooter, and being insured in a matter of minutes thanks to the speedy service of an insurance chatbot.
3. Hassle-free claims service:
If you’ve ever had a car accident or lost a laptop with important files on it, you know that dealing with the insurance companies in such a stressful time can be at best tedious, at worst excruciating. If the worst does happen, AI technology will allow customers to make claims on the spot. At the same time, the likelihood of fraud can be decreased through networks of AIs detecting if multiple claims are being made, or using machine learning to recognize signs of foul play.
Ultimately, AI isn’t at the place where it can completely satisfy the role of insurers. But, if insurers adopt this technology, along with other exciting innovations such as blockchain, their services can be streamlined on both the consumer’s and broker’s end. Not to mention, average people have a notorious distrust in insurance salespeople — a 2013 poll in Australia ranked insurance brokers are less trustworthy than journalists and even sex workers — so the introduction of more transparent technologies will no doubt improve this relationship.
ABOUT SURETY.AI
SURETY.AI is a blockchain based artificial intelligence (A.I) platform for insurance companies developed by Hearti Lab Pte Ltd (Hearti).
SURETY.AI allows insurance companies to connect effectively with their customers by offering micro-insurances, on-demand and at affordable prices, to Asia’s fast growing economies through Decentralised Enterprise Insurance Network.
As insurances are closely tied to healthcare, where healthcare services such as medical check records are often used for underwriting and preventive measures, Hearti is also working with Healthcare partners to integrate their services and data into SURETY.AI.
Find out more about SURETY.AI through this short and informative video! 💻
https://www.facebook.com/theheartilab/videos/1961164747258772/
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