And it stands for more than just Australian Insurance
Throughout Australia, companies of all sizes are embracing Information and Communication Technology (ICT) to streamline routine tasks, lower costs, and boost revenue and profits.
Moreover, these companies have discovered various ways in which they can utilise Artificial Intelligence (AI) within the insurance industry. If you are new to this terminology, AI refers to computer systems that can imitate human actions and continuously enhance their performance through the data they gather.
AI Is Watching Over Us All
The integration of Artificial Intelligence (AI) and satellite imagery is leading to a data revolution in the insurance industry. It provides the ability to gather information on various subjects, from the health of produce crops and commercial animals to the characteristics and condition of equipment and buildings, insurance companies can now generate quotes and policies for their customers with far more certainty.
This technology is also useful in assessing the risks of natural disasters like floods and bushfires and also in determining the damage caused by these with greater accuracy. As a result, insurance companies are able to provide policies and settlements that better reflect the level of risk and damage sustained. In the mid-term, this should lead to lower insurance costs and more personalised cover for all businesses.
Protecting Us At Work.
AI is also playing a crucial role in promoting workplace health and safety.
Studies from the USA, utilising video footage of workers in manufacturing facilities have used AI to analyze the risks associated with possible repetition injuries and accidents. Armed with this information, businesses can modify their work environment, reducing the possibility of workers’ compensation claims and therefore lowering their insurance premiums.
Streamlining Operations with Robotic Process Automation (RPA)
From the admin perspective, the claims handling process is greatly accelerated through the implementation of Robotic Process Automation (RPA) – which is software designed to perform various tasks more efficiently and accurately than humanly possible. This use of AI to lower costs and increase efficiency not only benefits insurance providers but also offers advantages to customers.
Roger Hosie will be happy to explain what you need please call (03) 6244 7854
