Published 22-12-2023
Keywords
- AI,
- Insurance,
- Policy
This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
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Abstract
The important role of efficient and methodical renewal processes for the insurance sector is undeniable. Policy renewals contribute a significant portion of an insurer's revenue, which is why it is in their best interest to be efficient. The deployment of artificial intelligence offers a modern and fast approach, ensuring that internal processes and workflows are conducted properly and efficiently. Due to increased competition, it is not sufficient today for the renewal process to simply be conducted correctly. It also needs to be efficient.
Current figures show an increase in the number of legally required insurances, together with the corresponding rise in the number of insurance companies. The figure of nearly 600 insurance companies registered in Germany testifies to the competitive market. Exploiting inventions such as AI is a good approach for an insurance company to stay competitive. With global spending on AI and cognitive technologies estimated to exceed $58 billion by the end of 2021, this technology dwarfs expenditures, with figures indicating growth rates of 15% to 22% annually. AI is based on the premise that human intelligence can be defined in such a way that a machine can imitate it. The AI of this new type is equivalent to human-like AI. With the help of AI in the form of machine learning, agents can produce, for example, automated news messages or letters. Supervised and unsupervised training are two main forms of machine learning. The unsupervised learning approach is used in this context.
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