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Ongoing, First published Jan 28, 2019
The technology industry is growing at unprecedented rate, the amount of innovation created in the UK's booming tech cities is paving the way for future companies to use. Words like Artificial Intelligence (AI) & Machine Learning can be thrown around a lot when it comes to defining modern technologies which can be used to learn about human behavior and interaction. Many companies and industries can benefit from this technology and give them the ability to improve their service. The Insurance industry has taken a big interest in using some of this technology for their own benefits which can shape how we take out Insurance Policies and the process if we have to Claim. Using AI for Risk taking on policies Insurance Companies have been collecting Claims data about their customers for many years. They are already using specialist algorithms to establish whether their customers live in a "High Risk" area. A good example would be a village or city that is more likely to receive flash floods. But they can take this one step further and start using AI to predicting upcoming trends which may affect the price of the policy Original Source: Insurance Claims Management https://www.oakleafe.claims/All Rights Reserved
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