Here are several ways that today’s insurance carriers are applying AI and data to the underwriting process to increase accuracy and mitigate risk:
1. Enhancements to the customer experience.
Thanks to the influx of InsurTech companies, today’s consumers have the expectation that they should receive an insurance policy within seconds simply by supplying some information to a mobile app. While the underwriting process is typically more complex for commercial properties, insureds still expect that advancements in technology should allow the process to move faster and more smoothly, helping to create a more positive customer experience.
2. Faster claims processing.
The integration of AI, predictive analytics, and data modeling in the insurance industry allows insurance carriers to optimize their claims process so that it’s easier to file, submit, adjust, and reimburse claims. When claims are settled faster, insureds benefit from a more positive customer experience.
3. Data collection from smart devices.
While smart homes are on the rise, so are smart buildings. This smart technology provides a wealth of data for insureds to use to more accurately assess risk. The real-time data provided by these smart sensors allows for quick reactions to be made in the event of an issue, helping to protect the building and mitigate loss. Insurance carriers are also using smart technology as a way to engage customers and offer discounts and savings for agreeing to share information.
4. Customized experiences.
Advancements in AI allow for technology to learn customer behaviors and preferences. By analyzing of millions of data patterns, today’s insurance carriers are able to identify and propose customized insurance solutions that best suits the needs of the customer.
All in all, the role that technology and artificial intelligence is playing in the insurance industry is advancing rapidly. While this technology and data is enhancing the way that insurance carriers are able to assess risk, it does not replace the need for a commercial inspection in the underwriting process.
Our team at Insurance Risk Services has been partnering with property and casualty insurance carriers for nearly four decades to provide them with the accurate underwriting support that they need to make informed underwriting decisions, and a commercial inspection is one of our areas of specialty.
Contact us at Insurance Risk Services to learn how our thorough commercial inspection reports will help you to best determine which risks are worth taking.