AI is revolutionizing all fields of life, and the insurance industry is no exception. Insurance firms can automate various manual activities with AI and machine learning, driving higher customer loyalty and providing their services quicker. According to Google Trends, since 2012, the demand for AI insurance has tripled.
Insurance firms turn to AI companies to provide specialized solutions, including records management, virtual agents, and intelligent analytical systems. They will use these tools to achieve lower operational costs and better consumer service with faster claim processing, customized pricing, and fraud identification.