This post is part of a series sponsored by CoreLogic.
In recent years, artificial intelligence (AI) has changed the way everyone lives, works and plays.
AI is more than just a trend. It is the ability of a machine, computer or software program to mimic human logic and thought patterns to make decisions and take actions. AI technologies are designed to solve problems and make decisions based on the data they process and analyze.
No matter your industry, AI will continue to have a massive impact on your work. This even applies to professionals in the slowly digitizing property insurance industry. More and more AI-driven technologies are being developed for underwriters, claims experts, and contractors and technicians in property rehabilitation. (In their latest eBook, CoreLogic® takes a closer look at how AI will continue to impact the world of property insurance and everyone who works in it.)
Insurtech – technology for the insurance industry – is growing. As insurtech continues to develop, AI will become more involved. Companies in this ecosystem already regularly use the following types of AI-based solutions:
- Data collection tools for actuarial risk assessment
- Chatbots provide automated customer service for policyholders
- Data and storm modeling for predictive weather forecasts
- Virtual property tours
- Drones for collecting aerial images
It is important to understand that AI can transform workplaces for the better. It can make work more meaningful and fulfilling for professionals in this industry by taking over manual, repetitive administrative tasks. In turn, people can focus more on tasks that only humans can do – like building meaningful relationships with partners and customers.
Amount of AI investments
There is a wide range of AI software platforms and applications and no one-size-fits-all approach. Depending on specific business and customer needs – and relevant state and federal regulations – there are different levels at which a company can implement AI.
A lower-level investment in AI involves implementing tools that do not directly impact customers. Systems with a lower level of AI are, for example, technologies whose functionalities are limited to automating, streamlining and optimizing work processes that do not require a decision-making process.
Meanwhile, higher-level investments in AI include technologies that are more actively involved in decision-making.
Determine how AI can be used
There are many factors to consider when determining the optimal amount or type of AI technologies to integrate into a property insurance company or restoration company’s digital ecosystem. Companies in the property insurance industry need to think particularly carefully about how they integrate AI into their operations because they operate in such a highly regulated environment.
An important step in determining the level of your investment in AI is to conduct a risk-benefit analysis of AI adoption to identify where your business may be vulnerable. Decision makers, data scientists and IT leaders should consider the following questions:
- How will AI impact our customers?
- Does the quality of our data justify the introduction of an AI application? And what is our willingness and ability to invest in data monitoring?
- Does the AI application fit into our compliance/regulatory framework?
- As we plan to scale our business, can we afford NOT to invest in AI?
With accurate and informed answers to these questions, it will be much easier to determine how to integrate AI into your workflows and therefore determine the level of investment.
No matter how much you invest in AI, there must always be a balance between human action and technology. Ultimately, people must be behind all decisions, even if AI helps decision-making by analyzing data.
To learn more about AI and how you can integrate it into your digital ecosystem, read CoreLogic’s eBook, The Role of Artificial Intelligence Across the Property Ecosphere.
Read it now.
©2024 CoreLogic, Inc. All rights reserved. The content here and in the e-book is for informational and educational purposes only and may not be reproduced or used without express permission. Although all CoreLogic content herein and in the eBook is believed to be accurate, CoreLogic makes no guarantee, representation or warranty, express or implied, including but not limited to the completeness, accuracy, applicability or suitability in connection with the content here and in the e-book and assumes no responsibility or liability for or any reliance on the content here and in the e-book. CoreLogic® is the registered trademark of CoreLogic, Inc. or its affiliates or subsidiaries.
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Data-driven artificial intelligence from InsurTech
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2024-04-25 16:37:20
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