How can AI protect your Insurance business?

Today, let’s start with facts. 

Did you know “U.S. insurers lose $80 billion annually to fraud?” 

And this is not even the worst part. The damage not only affects costs, but also spreads to the companies’ revenue, reputation, and their customers’ trust. So, the harm is almost irreparable. 

Oh, and another not-so-fun fact for you:

These two stats are enough to highlight the urgency of future-proofing your business from fraud detection asap. 

But before we dive straight into the solution, let’s take a look at how insurance companies get fooled.

3 most common ways insurance companies face fraud

• Staged accidents 

A lot of young people are now taking this route to make high insurance claims falsely. They either deliberately hurt themselves by coming in front of cars or fake the whole thing. 

This viral video proves the point -

• Phantom vehicles or drivers 

Another growing trend among fraudsters is that they use fake or stolen identities or cars to make false claims. The sad part is that these claims are almost impossible to detect using traditional underwriting methods. 

• Duplicate claims

Some fraudsters go the extra mile and send the same claim to different insurance companies to recover double the money. This kind of trickery also can’t be easily detected. 

How to use AI to save your company?

It’s already proven that AI can outsmart humans when it comes to thorough checking. But there are more capabilities of AI that are challenging traditional underwriting. 

For example:

1. AI tools can check one claim against thousands more to detect a pattern or an anomaly, which is hectic and difficult in the case of traditional underwriting. 

2. AI can notify your team in real time when it spots a red flag in an applicant’s claim, but the same may take hours or sometimes days using the conventional method. 

These are the two major differences. 

But as the insurance industry also deals with human emotions and trust, eliminating humans from the process is not ideal. 

Integrating AI in the process to help your team is your best way out. But that won’t be cost-effective, as you will be paying salaries and subscriptions for all the fancy AI tools. 

So, to save you from the pain, Underwrite.In was built. 

Most Underwriting AI tools promise only automation, but it’s not just about speed. The industry also demands precision and transparency. 

We understand the importance of keeping up with industry trends while valuing old virtues. That’s why our AI-powered assistant offers: 

• 85% faster processing

• 60% cost reduction

• And 3x more accuracy

We also have a team with over two decades of experience who have successfully processed 10,000+ applications without any complaints so far. 

Practical steps to future-proof your business 

• Train your staff 

Remember, your team is still the backbone of your company. 

Just handing them an AI tool without any proper training may backfire. So, make it a priority for you to help them learn how to communicate with advanced tools. 

• Regularly check your AI tool

AI tools are not flawless, and they require supervision too. 

So, you will have to keep a check on the parameters that the tool is following to avoid the introduction of bias in the process. 

And if you don’t want to do that…

Underwrite.In is ready to take away all these headaches from you. Our AI-powered platform is built with a commitment to fairness, transparency, and data privacy, ensuring that you can revolutionize your underwriting process while upholding the highest ethical standards. 

We are dedicated to mitigating biases, safeguarding sensitive information, and providing clear insights into how data drives decisions.

Team Underwrite.In