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AI-enabled Digital Transformation of Insurance Industry

Arun Chaubey, Sachchidanand Singh. Published in Artificial Intelligence.

Communications on Applied Electronics
Year of Publication: 2020
Publisher: Foundation of Computer Science (FCS), NY, USA
Authors: Arun Chaubey, Sachchidanand Singh
10.5120/cae2020652870

Arun Chaubey and Sachchidanand Singh. AI-enabled Digital Transformation of Insurance Industry. Communications on Applied Electronics 7(34):6-9, September 2020. BibTeX

@article{10.5120/cae2020652870,
	author = {Arun Chaubey and Sachchidanand Singh},
	title = {AI-enabled Digital Transformation of Insurance Industry},
	journal = {Communications on Applied Electronics},
	issue_date = {September 2020},
	volume = {7},
	number = {34},
	month = {Sep},
	year = {2020},
	issn = {2394-4714},
	pages = {6-9},
	numpages = {4},
	url = {http://www.caeaccess.org/archives/volume7/number34/872-2020652870},
	doi = {10.5120/cae2020652870},
	publisher = {Foundation of Computer Science (FCS), NY, USA},
	address = {New York, USA}
}

Abstract

Insurance is a financial instrument used by insured, individuals and businesses, as a risk mitigation tool. It's a promise by the insurer that when an event occurs, a certain loss amount would be paid to the insured. Artificial Intelligence (AI) technologies like Machine Learning (ML) and Natural Language Processing (NLP) can handle processing of the large data volume of the insurance domain daily chores like automated claims, underwriting, chatbots more accurately and faster compared to the humans etc. Artificial intelligence (AI) is enhancing every step in the insurance value chain like instantly customizable life insurance and on-demand property coverage.

In this paper, we'd try to draw conclusions & recommendations to perform successful digital transformations for an insurer based on our industry experiences of helping some of the world's largest insurers to go through that transformation journey successfully. We'd also explain the various avenues and touch points where latest technologies such as Artificial Intelligence (AI) can be used to create a market differentiator and value creator to the insurers.

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Keywords

Insurance, Underwriting, Automated Claims, Face Amount, Deductible, Co-payment, Reinsurance, Insurance Value Chain