With its inherently complex processes and an abundance of data, insurance is an industry ripe for AI and deep learning. There are many areas where it can create vast improvement in insurance processes and customer experience.
For instance, embedding AI into the claims process can significantly improve customer service while reducing time and cost for companies. The ability to yield data to better understand customer sentiment and experience is priceless. And AI can even be used to take the inherent bias out of insurance pricing and give customers more fair and appropriate prices.
Deep learning and AI can also help with risk assessment, automatically flagging unusual or fraudulent activity. And with the ability to apply deep learning pattern recognition to text and images, companies can improve pricing processes for both personal and commercial insurance products.