Insurance

Insurance domain has so far been old school with most of the process done manually which are at most times inefficient and slow. However now in the era of AI and ML, things are definitely changing. The state of the art technology is here and is about to disrupt the entire insurance industry, which is going to change the way insurance companies work and run their business. Major problems faced by insurance companies like personalised pricing, claim processing, customer service management and fraud detection have been successfully solved with the AI and ML technology.  In the following, we will introduce some specific cases where we believe AI can tackl major  challenges faced by insurance domain:

Chatbots/Virtual Assistants

General agent queries are handled by support team, which are not quick and efficient at handling the traffic translating to more waiting period, worsening the customer experience. Here is our answer to this problem: an AI backed chatbot responding to agent queries and providing quick assistance. Right from determining what coverage or plan is best to  prospective customer, to generating customised quote and delivering the insurance policy document, our chatbots can do everything!

Natural Language Processing (NLP) based Customer Interactions

NLP help machines gain ability to analyse and learn to communicate and understand customers. NLP can be integrated with messaging platforms Slack, Microsoft Messenger, and other chat programs which can provide deeper understanding of what customers perceptions are. NLP uses multiple channels like conversation with chatbots/assistant, comments, latest trends and feedback in social media, or analyse articles, blogs. This key information can also offer scope for improving the products according to preferences, change of customer behavior and opinions.

Claims Management

Claims management are rule based, with very high human errors and inaccurate claims assessment due to fraudulent information provided. With our AI techniques, tasks can be automated  and also can analyse and compare the claim against the past fraudulent applications, which when matched will be pinned for further investigation. These comparison techniques together with NLP, can also involve analysis of the behaviour of the person making a claim, people around them through social media profiles and other inputs like garages, hospitals etc. Our algorithms make sure that every fraudulent claim is detected which is not possible with human analysis.

Customer Journey

Our AI algorithms gather deeper insight about your customer journey through all the data collected from the footprints on the digital space, emails and feedback survey from customers, and with this information you can sort the customers in to right group. Further this data can be used to better the customer experience with offering relevant product to their behavior and profile. Our analytics can even predict if the customer is about to switch to other insurance provider based on his behavior and can be flagged to improvise the relationship and retain the customer.

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We are a team of machine learning programmers, data engineers and strategy analysts.We have no legacy… and that’s our biggest strength we do what we are passionate about, question the status quo and are fresh and unconventional. Our team is skilled at data sciences, algorithms and consulting. We have delivered radical solutions which have been accomplished only because of the unique blend that we bring as a group.

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