ARTIFICIAL INTELLIGENCE IN FLOATER MOTOR INSURANCE: SIMPLIFYING MULTI-VEHICLE CLAIMS
DOI:
https://doi.org/10.29121/shodhai.v1.i1.2024.16Keywords:
Artificial Intelligence (AI), Floater Motor Insurance, Claims Management, Robotic Process Automation (RPA)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.
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