NLP: Artificial Intelligence in the Insurance Industry
Process long, complex texts automatically: From claims management and accelerating processes in customer service to contract management and premium calculation – automation using machine learning in the insurance industry is the key to greater efficiency, high customer satisfaction and competitiveness.
AI in Insurance: Natural Language Processing (NLP)
Artificial intelligence is a core component of the digital transformation in the insurance industry – NLP is one of the most important technologies in use. Natural Language Processing (NLP) allows human language to be understood and processed. The AI recognizes information in context and reads like a human, only faster and more precisely. Even complex contexts are recognized – regardless of the structure of the document, the format and the exact wording in the text.
Contract Management / Contract Analysis
Risks in the contract portfolio
Claims Management / Claims Settlement
Damage reports reach insurance companies in large numbers. Reading and evaluating them is still a time-consuming process. The damage reports have to be analyzed to decide whether the damage is covered and how high the settlement amount will be. AI in insurance can support here - the processes can be partially automated. The AI extracts relevant passages from the damage reports and makes them available in summarized form as data records. This enables rapid further processing. This includes the automated determination of settlement amounts. Insurers can thus automate the reimbursement process (including comparison with award criteria and coverage amounts). This means fast customer feedback and settlement – at lower cost.
The implementation of a “traffic light system” that marks critical passages for employees can also already greatly facilitate and accelerate processing.