The dawn of AI is upon Insurance industry – ET CIO

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We’ve all experienced pesky calls from strangers trying to sell us insurance. If you’ve noticed, such calls are already on the decline and it is rare to get unsolicited emails, messages etc for an insurance offering for a car when you don’t even own one. No, the insurance companies haven’t stopped doing business, they’ve just got smarter, all thanks to artificial intelligence, which is helping them understand you better, sell in more innovative ways and serve the customers better. AI is also helping improve claims disbursements and fraud detection.Take for instance, Max Life Insurance, which is using a number of AI technologies including vision, speech and NLP to develop a host of predictive models and cognitive applications. These tools are designed to help the insurer provide a hyper personalized customer experience.“With our increased focus on ML and AI, Max Life has created a dedicated and specialized team “AI works” which will be responsible for developing and delivering cutting edge ‘Business First’ AI solutions. We are also working with a number of niche startups in this space through several AI accelerator programs,” said Suhail Ghai, EVP & Head- Information Technology, Max Life Insurance. Max Life …

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