Now that generative machine learning and artificial intelligence are making waves; the insurance and financial scenario has also effectively been infiltrated. The financial sector is also integrating the use of this tool into its customer services. Several industry experts have been pointing out how the use of artificial intolerance will keep rolling into a multitude of sectors.
However, things aren’t as easy as they seem. In fact, several financial experts and engineers are highly skeptical about the risk of security posed by artificial intelligence and other issues of privacy. So what does that mean? Well, we are looking at 2 scenarios: One where tech companies push the use of AI into insurance BPO and companies who market themselves as free from artificial intelligence.
What Exactly is Insurance BPO?
Simply put, this is when an insurance company outsources certain functions to third-party services.
The aim here is to be able to focus on your main offerings once you outsource more tedious but essential tasks such as data entry, business services, managing commissions, and processing claims to a third-party organization.
Several industry professionals think that in the digital age, this comes as a chance to cut down on the extra costs of these operations.
Where Does AI Fall in the BPO Industry?
According to several fintech industry experts, artificial intelligence in the arena of insurance and BPO may be integrated in two distinct ways. One is for the purpose of strategy, and the other is for added efficiency.
The former involves closely looking at customer psychology and behavior patterns for the purpose of marketing and getting people to use your insurance services.
On the other hand, efficiency uses involve making the process of claims processing and payouts more streamlined, time efficient, or simply a lot easier for different people to access.
You can look at this as creating a system where the process of getting your claims approved and your payouts handled becomes far less time-consuming and tedious. This involves doing away with any outdated systems and reducing errors during essential processes like registrations and processing claims.
However, things are still largely suspect when it comes to actually performing individual analysis of insurance claims because that’s an intuitive job that machine learning is fundamentally incapable of performing.
Another use here might be the aid of generative artificial intelligence for the purpose of creating publishable material for websites, blogs, customer service, or marketing strategies. Â
Wrapping Up
While there is a lot of potential and scope for exploration as to why AI should be integrated into insurance BPO, it is still largely theoretical. In addition, many people still find the use of this technology to be fundamentally untrustworthy. So, the future of this tool in the area of insurance is still budding, and the only sure, tied, and tested use can be found in the field of virtual assistance.