AI to cut down costs for insurance firms

By Edna Mwende

Artificial Intelligence (AI) has been pegged as a solution that will revolutionize the insurance sector by providing firms with an avenue to cut down on costs.

According to Saj Abraham the Director of Technology and Digital Business at Techno Brain Ltd. Robotics Processes Automation (RPA) will become necessary to cut costs drastically in the insurance world.

“Adoption of RPAs by insurance firms will help bring down premium costs and allow increased penetration into various markets,” Mr. Abraham said.

Apart from just cutting down on costs Mr. Abraham was similarly adamant the robotics and artificial intelligence will allow insurance companies to root out false claims and settle legit claims as well.

Speaking during the start of a two-day digital insurance forum in Nairobi, Mr. Abraham added that tasks such as following up on potential clients and updating customers will increasingly become less tedious by adopting AI into the insurance systems.

Michael Onyango a member of the government’s task force on Distributed Ledgers and Artificial Intelligence (AI), who was also in attendance at the forum, shared the same sentiments with Techno Brain’s Director of Technology.

 “It is no longer possible to continue operating the way we do. The industry will not benefit if it does not deepen adoption of tools such as AI, predictive analysis and chat boxes. Insurers will require this to reduce the current opaqueness in the business and be able to price products better,” Mr. Onyango explained.