BUSINESS ANALYTICS

PRESENTATION

Presented by
Rohit Khandelwal (K- 89)
Ajinkya Patil (K- 61)
Bhoomika Chandak (K-106)
Rohil Gupta (K-108)
Naman Gupta (K- 115)
USE OF ARTIFICAL INTELLIGENCE, DEEP LEARNING
& MACHINE LEARNING IN INSURANCE SECTOR
INTRODUCTION

Life Insurance.
Motor insurance.
Health insurance.
Travel insurance.
Property insurance.
Mobile insurance.
Cycle insurance.
Bite-size insurance.
Need for technology in Insurance sector
 PRIMARY USE CASES OF AI IN
INSURANCE

• Claims processing
 Manual/inconsistent
processing
 Varying data formats
 Changing regulation

• Claims document processing

• Automated repair cost estimation

• Appeals processing
Graph showing use of AI over the
years
Streamlined Claims Processing

 AI (machine learning
and deep learning)
 RPA (robotic process
automation)
 IoT (internet of
things)
 Using AI chatbots to compete with
giant insurance companies

For example, Jim—the AI claims experience

bot, can handle the entire claims process
without a hitch. In 2019, Jim dealt with
20,000 claims and other customer queries and
paid out over $2.5 million with no human
involvement.

The implementation of AI solutions such as

AI-enabled bots can well across various
business lines—chatbots can help to improve
customer service, collect and analyze
personal data, or process claims all while
decreasing the workflow in business
operations and reducing costs.
Accelerated Claims Adjudication
Winning Insurance Customers with
Competitive Premiums for Drivers

 Predictive cost
analytics for claims
 Driver performance
monitoring
 Real-time accident
support
Future of AI in insurance sector
 5 Noteworthy Deep Learning Use
Cases in Insurance
The insurance industry can leverage Deep Learning technology to improve service,
automation, and scale of operations

Property Actuarial
analysis analysis
Claims
Personalized Fraud
offers Detection
 Examples of Deep Learning
Virtual
Assistant

Autonomous
cars

DEEP Chat

Learning bots

Facial
Recognition

Shopping and
entertainment
 KEY FACTORS DRIVING MACHINE
LEARNING IN INSURANCE
The key market forces driving the adoption of AI and advanced
machine learning are: -

Smart Ability to
Everything talk back

Open source Harnessing

everywhere Internet of
things data
References
• https://www.v7labs.com/blog/ai-insurance
• https://unit8.co/resources/the-impact-of-ai-in-insurance/
• https://research.aimultiple.com/ai-insurance/#:~:text=%20What%20are%2
0the%20primary%20use%20cases%20of,lab%20testing%2C%20biometric%
20data%2C%20claims%20data%2C...%20More%20
• https://inmediatesg.medium.com/common-applications-of-artificial-intellig
ence-in-the-insurance-industry-657deaa6ce45
• https://www.biondocreative.com/2017/08/googles-ai-search/?__cf_chl_jsc
hl_tk__=pmd_W2zGZkDxJzvCutq.Y18wjL9CGOf2AEhcnl.vabiGvno-16327562
89-0-gqNtZGzNAfujcnBszQjl
• https://igniteoutsourcing.com/fintech/insurance-technology-trends/
• https://www.taire.com/blog/machine-learning-artificial-intelligence-life-ins
urance