3 tips for the insurance industry in 2023

In 2023, AI will shake up the insurance industry.

The year that is leaving has been one of innovation, changes and challenges for this sector. Now, facing a year of uncertainty, our experts are clear that Artificial Intelligence will be the technology that allows companies to find a balance despite inflation. By relying on the right technology, insurance companies, as well as fleet management companies, will be able to avoid drastic changes in terms of increasing their customers' insurance premiums or reducing their margins.

If you work in the insurance or fleet management industry, our team has three tips for you heading into 2023. Read on to discover them 👇

Invest in Visual Intelligence to prevent fraud and avoid financial losses

Claims fraud, which is one of the most common causes of financial loss for insurers, doubled in 2022. Advanced Visual Intelligence, a particular type of Artificial Intelligence specialized in visual image analysis, helps identify fraudulent activities during the appraisal and valuation process.

Using pixel-based data analysis, it can effectively assess the reliability of damage photos and videos submitted by customers and more easily detect insurance scams.

Streamline processes related to first notice of loss to save time.

AI-based solutions can also help your insurer's or fleet management company's customers to report a claim faster. After the insured or user shares proof of damage via a mobile app, the automated system can take care of the next steps by analyzing the images.

This allows your company to provide a repair cost estimate, process the claim and locate the necessary replacement parts or materials, reducing response times.

Automate everything that can be automated to save time and financial resources.

Automation can reduce operational costs while delivering a better customer experience. However, identifying and differentiating between processes that can operate independently and those that can be managed by a person remains critical to maintaining a quality experience, especially in an industry such as insurance, where human interaction remains vitally important.

Some insurers are looking to automate only the underwriting process, while others are venturing into the estimating process. Automation can reduce operational costs while delivering a better customer experience. However, identifying and differentiating between processes that can operate independently and those that can be managed by a person remains critical to maintaining a quality experience, especially in an industry such as insurance, where human touch remains of paramount importance.

Some insurers are looking to automate only the underwriting process, while others are venturing into the estimating process. Companies can determine what works best for their systems and train their staff accordingly. Ideally, locate a technology provider that allows you to automate as far as you want and in a progressive and transparent manner.

To start the most agile, customized and transparent automation process in the insurance and fleet market, contact us!

(Photo by Alex Wolf mx).