Self-driving cars were a fascinating idea when we were kids, but it seems to have become a scary one these days, as many people are nervous at the thought of such vehicles. They don’t seem to trust a computer to take care of their safety. But there are also people who couldn’t be more thrilled with the thought of artificial intelligence making car insurance a lot easier. Among a lot of other things, technology has been changing the insurance landscape as well.
Technology made its way into the insurance industry
Technology was always important in the insurance industry, and companies used it to enhance their ways of doing business. Insurance is a risk-based business because the more data a company gathers on someone, the more accurately they can tell what kind of risk that person represents. This is the reason for which a lot of car insurance companies started to use advanced tech tools to help track their customers. Such tools are materialized in a device that plugs into your car and reads data on how someone drives: how fast the car goes, how and when the drivers accelerate and so on. A safe driver will have lower rates, but when a driver goes over the speed limit, brake at the last moment and so on, the rates will be higher.
Such a device helps insurance customers because they get a high degree of individualization on their car insurance rates. This will result in the company charging them less because it’s charging less-safe drivers higher fees. This is only one of the many ways in which car insurance companies benefit from the development of technology. Applications are another way, and they’re used to make submitting claims easier and faster.
AI can enhance car insurance business in various ways
The artificial intelligence and machine learning have been developing at a fast pace in the past few years, and the process allows computers to track massive amounts of complex data. Computers then use the data to achieve their goals, and the result is more customers and the ability to save more money. Car insurers can also benefit from the development of AI.
As you can imagine computers handle higher amounts of data compared to humans, that’s why AI if more efficient for companies who have to deal with a lot of information.
A genuinely efficient app that insurance companies use is called Gabi, and the innovative tool helps users find the lowest rates on car insurance. All you have to do is connect your current policy to the site or upload a PDF of the current coverage. The app will browser the Internet to find a better rate, and while doing so, it searches through large national companies and also smaller business.
The app works quietly in the background while trying to find the best rate for you and the results will provide the best options from which you can choose the one that works best for your needs.
Another example of efficient use of AI in the insurance industry comes from Ladder, a company that uses AI to help underwrite insurance policies. You can get a new policy in a few minutes, and all you have to do is tell the company the coverage level that would best suit you.
AI can also be used while shopping for insurance and one of the best tools is Insurify. The app acts like a car insurance comparison tool, and it includes Evia, a virtual agent available non-stop. It allows you to access relevant data at all times. With Insurify you will have the opportunity to compare insurance quotes from more companies, and you can use recommendations and advice to get the best deal.
Just are just a few examples of how AI can enhance the insurance business. Overall, with the help of computers and machine learning the industry can benefit from a more accurate risk management, competition for customers, a more powerful connection with them and more. The auto insurance industry will definitely benefit more from AI in the future.
