Today’s insurance companies are embracing AI to improve profitability, become more efficient and, ultimately, create a better customer experience. Insurance companies are using machine learning to improve customer service, fraud detection, and operational efficiency.
Insurance brands save time and effort using machine learning to assess damage in accidents, identify anomalies in billing, and more. LotusLabs provides insurers with machine learning solutions to optimize their market selection, pricing, and claims management.
Machine learning is positively impacting the whole insurance industry. LotusLabs can bring a sustainable, cost-effective, and inclusive strategy within your organization. Here are just a few ways the insurance industry is being transformed.
Optimized Claims Management
Access state of the art, machine learning algorithms to:
- Identify potential fraudulent claims.
- Identify and flag potentially fraudulent claims.
- Predict claims severity and large loss potentials.
- Search, categorize and summarize automatically text.
- Identifies policies that are likely to lapse, and how to approach the insured about maintaining the policy.
- Identify individuals that may have too much, or too little, insurance. Then, proactively help them get the right insurance for their current situation.
- Improves the customer experience by offering relevant information about the coverage the insured may need based on life events
- Uses unsupervised machine learning to discover predictors in claims activity. This information can help set assumptions and feed into activities such as pricing models or risk analyses.
Machine learning is positively impacting the whole insurance industry. LotusLabs can bring a sustainable, cost-effective, and inclusive strategy within your organization. Here are just a few ways the insurance industry is being transformed.