Artificial intelligence has long been the stuff of buzzwords, but when it comes to revolutionizing the insurance industry, its application is already making great strides in our industry, impacting everything from the sign-up process to underwriting to claims and more.

The use of artificial intelligence is expected to grow productivity while reducing operational expenses by a notable 40 percent by 2030, according to a McKinsey report.

Breakthrough technologies continue to impact the insurance world, creating efficiencies and new forms of industry intelligence. With the support of AI, these innovations will continue to develop at light speed. Let’s review.

The role of AI in insurance today

AI is already creating a more customer-centric purchase experience, thanks to algorithms that automatically create risk profiles and reduce purchase time to minutes or even seconds. These same algorithms can manage claims routing, dramatically

reducing the processing time for a claim. They also spur ongoing communication with customers.

Importantly, AI can also support security and reduce fraud by recognizing nefarious actions and trends that could easily be missed by the human eye. AI chatbots can also tackle many routine tasks and respond to customer inquiries, saving valuable time for phone agents and further enhancing productivity.

Additionally, artificial intelligence allows companies to offer micro-coverage for items such as phone batteries and flight delays, for instance, another notable plus for customers. It makes it easy to compare options and products, supporting customer experience throughout the entire journey. Insurance companies also appreciate the easy ability to customize policies based on individual customer information.

Comprehensive, customized insurance

As the costs of implementing AI continue to drop, the risks of not engaging it to support customers and business processes continue to accelerate. Today, it is a strong competitive advantage. Tomorrow, it will be a must.

At Mulberri, AI is no mere pipe dream. From the beginning, we’ve taken advantage of progress in data to better serve our HR and payroll customers, Mulberri’s AI engine sends quote requests to multiple carriers simultaneously, who then automatically compete for SMB’s business. Our data-driven insurance management delivers a personalized experience for end-to-end insurance.

Mulberri brings together the best of human and machine learning to deliver comprehensive and customized insurance. Want to learn more? Schedule a demo to see for yourself.