Year: 2024
Type: article
Abstract: The insurance industry is rapidly evolving with the help of artificial intelligence (AI), particularly in the realm of managing claims for float insurance. Handling multiple vehicle coverage under a single policy for motor vehicle insurance poses unique challenges for risk assessment, fraud detection, and claims processing. This paper delves into how AI can revolutionize these processes by expediting resolution times, boosting customer satisfaction, uncovering fraud, and automating claims procedures. While AI tools like chatbots, machine learning, and robotic process automation (RPA) offer numerous advantages, they also come with potential risks and privacy concerns. This article offers a comprehensive exploration of how artificial intelligence could significantly enhance the speed and accuracy of processing claims for float insurance.
Author: S. Santosh Kumar
Institution: Alagappa University
Language: English
Subfield: Artificial Intelligence
Field: Computer Science
Domain: Physical Sciences
Open Access status: hybrid
OpenAlex ID: W4404885686