AI improves insurance claim accuracy by 14 times, has taken on customer service: Policybazaar

Artificial Intelligence (AI) is changing the insurance sector, helping companies to operate with speed and accuracy, according to a new research report by Policybazaar.

AI has majorly sped up claims processing, improving claim accuracy by 14 times, the report said.

The report explained that claims are the most important part of any insurance policy, and AI is now playing a major role in identifying potential fraud cases early. For instance, in term insurance plans, approximately 11% of cases are flagged by AI for possible fraud, a number that rises…