Kathmandu. Artificial Intelligence (AI) in the insurance sector is now carrying about half of the workflow. As a result, the time to issue insurance policies for almost half of the customers has been reduced from 4 hours to just 15 minutes.
According to PolicyBazaar, since the introduction of the AI system, the platform has seen a 14-fold improvement in initial fraud detection for claim processing. “Between February and March, 48 per cent of customers received their policies within 15 minutes, up from just 1.3 per cent in January before the full rollout of the AI device,” the firm said. ’
AI is also used to manage more than 30 percent of first contact customer questions through chatbots and reduces resolution time by 15 percent. Based on factors such as policy stage and digital behaviour, customer satisfaction has reached more than 94 percent after more than 500,000 hyper-personalized nudges were sent to users daily.
These efforts have increased the purchase objective of insurance policies by 20 percent. AI has detected potential fraud in about 11 percent of term insurance plan claims and 16 percent of savings plan claims. This has helped insurers speed up the processing of legitimate claims and improve customer trust.
