Mark Hauser: HAUSER Insuarance Founder
Insurance is notoriously hard to navigate, with one of the most common pain points being the often lengthy and confusing application process. But thanks to the growing trend of artificial intelligence (AI) in the insurance industry, it’s about to become a lot easier.
When it comes to artificial intelligence, the first thing that comes to mind for many people is robots taking human jobs — something that has been the hot topic of conversation in recent years. However, the reality is that AI is already improving customer experience in the insurance industry.
According to Mark Hauser, artificial intelligence is helping insurers offer a more holistic customer experience by creating new products and services. Mark Hauser also pointed out that AI is making the entire insurance industry better by enabling insurers to become more efficient.
Predictive analytics is the most common application of AI in the insurance industry, allowing insurers to review large amounts of data to identify risks, patterns and fraud. As a result, insurers can better assess risk and provide more accurate quotes.
Mark Hauser also discussed how AI could change the insurance industry in the future. He mentioned that AI could collect data from various sources, including social media and GPS devices, to create a more holistic picture of an individual.
One of the biggest challenges in the insurance industry is how difficult it can be to get a policy. Many people find that the application process is long and arduous, and most end up being turned down for coverage at some point in their life.
However, Mark Hauser believes that AI will help reduce these barriers to accessing insurance by automating the processes involved with the application.
AI and robotic technology are already assisting with the process of auto insurance, which is one of the most difficult sectors to navigate. Insurers are using AI to predict whether a customer will have an accident or not and assign premiums accordingly.