How AI App Developers Influence Insurance Industry in NYC, New York

20 September, 2020

How AI App Developers Influence Insurance Industry in NYC, New York

Artificial Intelligence is probably one of the most advanced features of technology and was very expensive and time consuming to use a few years back. Employing AI was not a simple task as the expertise and skill required for the same was also not readily available. However, the scenario has changed and the use of AI has become frequent in many industries of which the insurance sector is one. This has persuaded the AI app developers in NYC to step into the insurance industry as well. It would be fascinating to know that the use of AI has given a massive face lift to the insurance sector in terms of policy handling and other important aspects as well. Some of the features that are enhanced by the use of AI in the insurance sector are mentioned below.

Personalization


Personalization is a feature that attracts every customer as it tends to provide a sense of uniqueness to a product. The use of AI tools along with the data gathered from various places can help companies to get a deeper and detailed information about the profiles and behaviour of the customers. This in turn helps the companies in providing person specific policies, new product offerings and pricing insurance policies at a better rate.

Customer Experience


Two of the major areas where customer’s face delays while insurance policy processing is underwriting and claim processing. This ruins the customer experience despite the companies trying hard to serve them properly. Using AI makes the processing of contracts quicker as well as payment verification, massively reducing the time involved in the application or payment of policies. Through providing the best possible policy rate according to the requirements of the customers AI helps in enhancing the customer experience. 

Image and Video Analysis


One of the major applications of AI in insurance is for error free document verification, validation of damages to a property before processing claims, underwriting a policy after analysing the database of the policyholder and claim processing. For the same, computer vision is used to scan images or videos, thereby increasing the proficiency of fraud detection. The app developers in NYC who are equipped to develop AI apps that employ computer vision, are setting a new trend in the insurance sector, making robust yet user-friendly insurance apps.

Decreased Fraud Occurrence


AI-based technologies such as facial recognition and sentiment analysis being robust can easily decrease thefts and precisely spot false claims, reducing the chances of fraudulent practices, especially in claim processing. Data analytics is another tool used by AI to store and analyse customer information, which is an area with increased likelihood of fraud.

Optimising their efficiencies when it comes to claim processing or underwriting a policy and decreasing the chances of fraudulent practices is of prime priority for insurance companies. These reasons have persuaded insurers to approach AI insurance app developers in NYC so that the app provides high quality customer experience.  

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