We can recommend insurance products that customers need by analyzing their personal information and lifestyle. Personalized insurance product recommendations can improve customer satisfaction and prevent them from leaving. Customized pricing and services are possible through AI-based predictive analysis. Provide accurate insight and prediction of customer preferences and improve customer satisfaction through the personalized marketing activities.
When looking at insurance, the most common form of fraud is plain and difficult to detect. CLICK AI analyzes customers' claims and reviews insurance fraud patterns or customer profiling to avoid insurance fraud risks. Early detection of fraud by employees or customers can significantly reduce industry costs and positively impact insurance premiums. By learning collected customer data, you can analyze and predict whether newly filed claims are inappropriate manipulation behavior.
AI, learned by collected customer personal information (gender, age, occupation, coverage, insurance payments, past chronic information, etc.), can determine conditional acceptance/no insurance coverage to create a fast and accurate insurance screening system. AI can automatically accept or reject contracts on behalf of the underwriter, using customer information to determine whether they are eligible for insurance coverage.
It takes a long time to check the estimate of the accident cost after the traffic accident. You can get a repair cost estimate after all the procedures such as the insurer's dispatch, identification of the accident site, warehousing of the factory for vehicle maintenance, and calculation of the budget. If AI learns repair costs for damaged car photos, it can create a model that can predict repair costs just by sending accident data at the scene of subsequent traffic accidents. The insurance rate can be calculated by recognizing the depth of the damage. These services allow you to establish a fair standard for insurance premiums. AI can also be used to simplify insurers' screening procedures and streamline internal procedures to increase productivity.
In terms of cost, retaining customers is more important than acquiring new customers. AI can predict which customers are most likely to churn by analyzing customer attributes, behavior, and external factors. Establish and implement customer churn prevention strategies to optimize corporate profits through customer retention. By predicting customer churn, insurance companies can increase customer satisfaction as well as increase customer lifetime value.
When marketing is conducted without segmenting customers, it is difficult to attract new customers. By analyzing the collected customer data, you can understand customer behavior patterns and market trends. By integrating and analyzing customer data, it becomes possible to acquire insights, develop preferred insurance products for each customer, and target marketing. You can increase your sales while increasing your customer's conversion rate. You can take the promotion of your products and services to a new level of quality.
An accurate prediction of insurance premium is important for an insurance company because it has to do with the company's financial gains and losses. Insurance premiums are determined differently according to conditions such as an individual's medical history, age, hospital stay, prescription, family history and coverage range. Using AI's model, which has learned the data of multiple people, you can predict insurance premium or find requirements that have a significant impact on insurance premium
With AutoML + Consulting, you can request a professional consultant of DS2.ai to develop artificial intelligence.