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Why Artificial Intelligence must operate in real time in the insurance industry

13 September 2023 · By Ana Navarrina

Artificial Intelligence (AI) has proven to be fundamental in the management of motor and home insurance claims. More and more insurers are including this technology in their processes to speed them up significantly and thus improve the customer experience, while at the same time reducing processing times.

How does it work? With just a few clicks, the policyholder can send visual evidence (photos) from their smartphone to their company. The AI then sweeps up these photos and within seconds issues a verdict: a series of damage detections and recommendations on how to proceed, so that the insurer's agent can make decisions much more quickly.

What's more, AI can even automate the entire process, in cases of compensable damage for example.

But for all this to work, AI has to be able to work in real-time - what does that mean and what are the benefits? Keep reading 👇

If you would like to know more about how Bdeo technology can transform your processes, you can request information by clicking here.

Real-time AI: what is it and how does it work?

Real-time AI in the insurance industry relies on the ability to process and analyse data instantly to make informed decisions in claims situations. Imagine you are a policyholder and yor car has been scratched.

The first thing you do is take your smartphone to notify your insurer of the incident, sending images or via video call. This is where real-time AI comes into play.

Once you have reported the claim, the AI gets to work. It uses the information provided by your smartphone: the images obtained, the exact location, the time of the incident and other relevant data.

From this data, the AI performs an instant analysis that can include damage detection and assessment, document validation or repair cost estimation. This information is used to make quick and accurate decisions about approving claims and allocating resources for necessary assistance.

The main benefits of real-time AI

However, to get the most out of this technology, your technology provider must ensure that its Artificial Intelligence works in real-time. This means the following:

  1. Accelerating low-level claims handling: real-time AI is particularly efficient in handling low-level claims, such as compensable damages, thanks to damage detection and document processing. In many cases, it can fully automate the process of handling these claims, which means that policyholders get compensation much more quickly.

  2. 24/7 operation: Real-time AI knows no time or time zone boundaries. It is available 24 hours a day, 7 days a week. This means it can provide support and make decisions even outside of traditional business hours, which is especially valuable for policyholders who experience a claim at inconvenient times.

  3. Immediacy improves the customer experience: AI's real-time ability to provide immediate answers and assistance substantially improves the customer experience. Policyholders feel supported and valued when they get a quick solution to their problems.

  4. Fraud reduction: Real-time AI is a powerful ally in the fight against fraud. It can detect fraudulent patterns and behaviour efficiently, which not only saves insurers money, but also helps to keep insurance premiums more affordable for all honest policyholders.

In conclusion, real-time AI has proven to be a critical asset in the insurance industry, streamlining claims management, improving accuracy in decision-making and delivering a more satisfying customer experience. As technology continues to advance, we can expect AI to continue to play a crucial role in the evolution of the insurance industry.

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