Redefine the Insurance Industry with AI

The insurance industry has witnessed the massive growth across the globe, despite the disruptions of COVID-19. Insurance companies have to be dynamic and innovative to provide excellent services that meet customers’ needs and expectations. Chatbot has emerged as a useful tool helping businesses to keep up with technology trends and gain competitive advantages.

Industry 4.0 brings the Insurance sector a new driving force: Insurtech with Big data, Artificial Intelligence (AI), etc. The development of these technologies creates solutions to optimize business processes, making the integration with technology at the forefront of the insurance industry to cut down ineffective procedures.

The insurance industry requires continuous and sustainable connections between customers and businesses. Besides, Insurance Technology (Insurtech) is rapidly changing user behavior. Many large insurance companies are pioneering the application of automatic customer care solutions with AI chatbot and initially bring positive experiences to customers.

The insurance industry has a large amount of customer information and requires a high standard of data management. However, many insurance companies are still using the traditional system to manage information with the manual data entry method. Insurtech (Insurance Technology) is a wind of change in the approach to insurance business models, especially with Optical Character Recognition technology (OCR).