Machine Learning and Its Impact on the Future for Insurance - PowerPoint PPT Presentation

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Machine Learning and Its Impact on the Future for Insurance

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AI subset, Machine Learning has simplified and boosted Insurance industry to maximize efficiency with time saving software solutions. Watch to deep dive into the benefits of Machine Learning Insurance. – PowerPoint PPT presentation

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Date added: 12 March 2020
Slides: 10
Provided by: suryachoudhary383
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Title: Machine Learning and Its Impact on the Future for Insurance


1
Machine Learning and Its Impact on the Future for
Insurance
2
Machine Learning Insurance
With the new strides of Artificial Intelligence
(AI) and its subset of Machine Learning (ML),
Insurance Machine Learning uses data analysis to
redefine the working standards with software
solutions. A recent study indicates that more
than 90 percent of insurers are using, plan to
use or considering using Machine Learning or AI
in important insurance processes like
underwriting or claims processing.
3
Role of Insurance Machine Learning in different
Insurance Processes
01
Simplifying Underwriting
02
Reducing Fraudulent Acts
03
Claims Processing
04
Automating Marketing
4
01
Simplifying Underwriting
  • Machine Learning Insurance Underwriting has
    various advantages for Underwriters
  • Helps predictive analytics of data
  • Minimum error in risks and premium calculations

SourceAberdeen
5
02
Reducing Fraudulent Acts
Reducing the cases of frauds is important as the
insurance industry is under bleeding losses of
fraud.
  • Data analysis of prior cases to prevent them in
    future
  • Fraud testing conducted by machines is more
    reliable

SourceMonjaco
6
03
Claim Processing
Reducing the cases of frauds is important as the
insurance industry is under bleeding losses of
fraud.
  • Personalized services for different users
  • Smart Lead management system

Sourceinvensis
7
04
Automating Marketing
Data analysis helps to procure
  • Personalized services for different users
  • Smart Lead management system

Source Business Apps London
8
Conclusion
To gain the benefits of Machine Learning
Insurance, leading insurers are partnering with
InsurTech companies to develop software solutions
based on AI, ML technology to immediately boost
their insurance businesses in the right direction
with significant reduction of time and cost.
Source Medium
9
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ning-and-its-impact-on-the-future-for-insurance-ac
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