Keating Law Group
Speak with an Experienced Attorney
Se Habla Español

How will AI impact the insurance industry?

On Behalf of | Jun 4, 2024 | Insurance Law |

When the future of almost any industry is discussed today, the subject of artificial intelligence comes up. AI is transforming many industries by automating tasks that would normally be performed by humans.
These changes include the insurance industry. As AI technology continues to develop, insurers are likely to use it in several key areas.

Customer service and claims processing

Customer service and claims processing are two of the main areas that AI may be used. AI has the potential to help both insurers and individuals with the insurance claims process.

If you are an individual, AI can create an easier and more efficient customer service experience. AI chatbots have the power to interact with customers anytime day or not and address basic questions or provide basic information. For insurers, AI prevents them from having to handle each customer interaction individually.

Additionally, AI can potentially shorten overall claim processing times. This translates to saved time and fewer potential complications for individuals and allows insurance company employees to spend less time on routine, manual tasks and focus their time on more skilled and valuable responsibilities.

Fraud detection

Fraud detection is another area of the insurance industry that could benefit from AI. AI can potentially identify irregularities in claim data or spot inaccurate information provided by individuals quicker than a human. These data inaccuracies could be reported to a claim specialist much faster than if they depended on a human to eventually catch them.

AI may help with underwriting and pricing. AI tools that gather data on customers can result in more individualized and personalized pricing. It can then help customers receive the best and most accurate insurance rates.

Overall, implementing AI into the insurance industry has many possible benefits, including increased productivity, lower costs and a better customer experience. However, as with any new technology, there is potential for error, so if you believe AI caused a problem with an insurance claim, it is best to investigate the situation and learn your options.

AV | Distinguished | Peer Review Rated | | Lexis Nexis | Martindale-Hubbell | For Ethical Standards & Legal Ability
American Board of Trial Advocates
Super Lawyers
The Best Lawyers In America
Best's | Client Recommended | 2020 | Insurance Attorneys