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Reseach Article

AI-enabled Digital Transformation of Insurance Industry

by Arun Chaubey, Sachchidanand Singh
Communications on Applied Electronics
Foundation of Computer Science (FCS), NY, USA
Volume 7 - Number 34
Year of Publication: 2020
Authors: Arun Chaubey, Sachchidanand Singh
10.5120/cae2020652870

Arun Chaubey, Sachchidanand Singh . AI-enabled Digital Transformation of Insurance Industry. Communications on Applied Electronics. 7, 34 ( Sep 2020), 6-9. DOI=10.5120/cae2020652870

@article{ 10.5120/cae2020652870,
author = { Arun Chaubey, Sachchidanand Singh },
title = { AI-enabled Digital Transformation of Insurance Industry },
journal = { Communications on Applied Electronics },
issue_date = { Sep 2020 },
volume = { 7 },
number = { 34 },
month = { Sep },
year = { 2020 },
issn = { 2394-4714 },
pages = { 6-9 },
numpages = {9},
url = { https://www.caeaccess.org/archives/volume7/number34/872-2020652870/ },
doi = { 10.5120/cae2020652870 },
publisher = {Foundation of Computer Science (FCS), NY, USA},
address = {New York, USA}
}
%0 Journal Article
%1 2023-09-04T20:02:47.599984+05:30
%A Arun Chaubey
%A Sachchidanand Singh
%T AI-enabled Digital Transformation of Insurance Industry
%J Communications on Applied Electronics
%@ 2394-4714
%V 7
%N 34
%P 6-9
%D 2020
%I Foundation of Computer Science (FCS), NY, 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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Index Terms

Computer Science
Information Sciences

Keywords

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