AI is ideal at classifying patterns and can be used to spot potentially fraudulent claims, which can be re-routed to investigators while automating the decision making process for claims with low probability of fraud. Also, in-built explainability features in Physarum Engine can be used to identify decision criteria which can help the investigator in identifying the key areas to focus on.
Product bundling increases the stickiness of insurance providers leading to improved CLTV. Customers are increasingly expecting personalized experiences similar what they are exposed to in retail sites. According to an Accenture study, more than 80 percent of customers are looking for more personalized experiences. With AI models, insurance companies can determine which products and policy options are the best fit for a given consumer.