Finexis is continuously finding ways to turn data into insights to drive growth and profitability. The proposed technology solution for this problem is capturing and recording data accurately by using Artificial Intelligence and Machine Learning. Artificial Intelligence is generally a broad concept – it is the intelligence being displayed by a machine. Machine Learning is a process of achieving Artificial Intelligence.
Artificial Intelligence is slowly emerging in the insurance industry. Today, insurers are using Artificial Intelligence to improve existing relationships between clients and financial advisers. It allows an automated system to aid decision-making. It is more consistent and not prone to human error. It can sift through mass data much more quickly than human beings and even come to a conclusion about the data. Thus, Artificial Intelligence is allowing insurers to mine their existing data and research on available sources such as social media to better understand clients so that they can respond well to their needs.
