The Future Of Business Is AI

Thanks to dystopian sci-fi movies, the first thing that comes to our mind after hearing the term artificial intelligence is super intelligent robots taking over the world or an undefeatable super power that has completely brainwashed humankind and is leading us on the path of destruction. This is what we have to say: these notions are completely unfounded.  

In the current scenario, with rapid AI development, this technology has been nothing short of a boon to the society. AI has seeped into every field, from education to data analysis to business and much more. If you are a business person and are looking for efficient solutions to business related problems, you might be interested in knowing more about artificial intelligence and the ways it can benefit your business.

1.Capitalizing On Customized Shopping Experience: With the advent of online shopping and the ease it brings to the customers, they are now looking for a shopping experience designed to suit their needs. An AI program will look into their shopping habits and provide each one of them with customized offers, thus giving you an edge over your rivals.

2.Real Time Assistance: The most important benefit AI can provide a firm which has to constantly communicate with a high number of customers is real time assistance. Travel agencies can now use artificial intelligence to give second to second detail about bus, train and flight timings, availability, delays, etc.

3.Data Mining: Handling of big data is not an easy task in any way, let alone treating the enormous amount of data to come to conclusive discoveries. With AI in your arsenal, you can analyze the data generated by your customers and derive insights which were previously undiscovered. This will keep you one step ahead in the marketplace.

4.Predicting Outcomes: This technology looks for current patterns in customer behavior by the means of analysis of data, and using these behavioral patterns predicts future outcomes. Not only for retail, it is very beneficial for the banking industry as well, as it can help the firms decide which shares to invest in.

5.Improves Recruitment Process: AI can make the recruitment process much faster and more efficient. It sifts through the job applications and automatically rejects the ones that do not meet the criteria. The ones which do make the cut are sent to senior management.

Artificial intelligence in Dubai (UAE), USA, China, UK and many other countries has started playing a major role in the economy. With the pace at which market forces change in the current market setting, businesses will have to incorporate artificial intelligence in the organization if they don’t want to be squeezed out of the market.

This is how Artificial Insurance Will change the Insurance Industry

Would you believe if someone told you that insurance companies are beginning to offer personalized solutions in multiple ways? Well if not, think again. Artificial Intelligence (AI) has changed how businesses function and it is now improving the way insurance companies communicate with their customers. Moreover, it is not only a one-way traffic; AI Insurance is also available for companies that invest heavily in the domain. 

There are several claims and AI allows customers to report them simply. Insurance companies can only gain absolute customer satisfaction by providing faster and easier solutions. Here are 5 ways AI is changing the Insurance industry:

1. Claims

The most important aspect of Insurance is claims. Firstly, it takes forever to receive a call from the Insurance company. Usually, it takes about 10-15 days for the claims to be processed; with AI these processes can be completed within 1/3rd of the time. This will put a stopper in fraudulent actions and save a lot of time and effort on the part of the customers and the company.

2. Marketing

Personalization is the key word that brings out the emotions in customers who buy the policies. Without AI, personalized solutions were a farfetched dream. With the help of machine learning, Insurance companies can use the data to develop marketing strategies that resonate with the wants of the customers. These campaigns focus on the human emotions that create a powerful impact on customers. 

3. Data

Data is driving just about everything that is related to businesses. Gathering customer data is by no means, a new practice whereas, expansion is. Data gives insight into customer behavior that allows the officials to strategize accordingly. AI has revolutionized this sphere and gathering data and analysis is quite simple. 

4. Underwriting 

AI is set to change Insurance underwriting jobs. Companies are beginning to invest in developing customized tool to analyze risk and therefore, they will be able to market and sell to those who are actually interested. These predictive risk modules will cut down on the losses in the long run by creating unique policies for every customer. Not only that, AI has revolutionized the way companies regard document management, especially insurance agencies that must put up with tons of tangible data.

5. Chatbots

It is estimated that 95% of all customer interactions will be completed through chatbots by 2025. Chatbots are already quite common and popular. They automate the tasks including claims. Companies have programmed chatbots to send insurance quotes after consumers submit the necessary details.