Artificial Intelligence (AI) has the potential to significantly transform the insurance industry by improving efficiency, enhancing customer experience, and enabling more accurate risk assessment and pricing. Here are several ways AI can help the insurance industry:

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1. Risk Assessment and Underwriting

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Predictive Analytics: AI can analyze vast amounts of data from various sources (social media, IoT devices, public records) to identify patterns and predict risk more accurately. This leads to more personalized insurance policies and better pricing models.

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Automated Underwriting: AI-powered algorithms can streamline the underwriting process by quickly evaluating an applicant's risk profile, reducing the need for manual intervention and speeding up policy issuance.

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2. Claims Processing

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Automated Claims Handling: AI can automate the initial stages of claims processing by evaluating damage (e.g., using image recognition for car accidents), verifying claims, and determining payouts. This reduces processing time and improves accuracy.

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Fraud Detection: AI can identify fraudulent claims by analyzing patterns and anomalies that may go unnoticed by human investigators. Machine learning models can continuously improve by learning from new data, making fraud detection more effective over time.

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3. GenAI

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Chatbots and Virtual Assistants: AI-driven chatbots can handle customer inquiries 24/7, providing instant responses and guiding users through various processes, such as filing claims or checking policy details. This improves customer satisfaction and reduces the workload on human agents.

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4. Pricing and Product Development

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Dynamic Pricing: AI can enable dynamic pricing models that adjust premiums in real-time based on changing risk factors (e.g., building health, impending NatCat). This allows insurers to offer more competitive rates and incentivize positive behaviors.

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5. Customer Retention

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Churn Reduction : By providing customized and optimized insurance policies, insurance companies can ensure retention of their clients. They will now be able to transparently settle claims and disburse payments, without second guessing the possibility of a fraud. This shall facilitate smaller timelines and better service ensuring a churn decrease.

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How is PARAMETRIKS leading the revolution:

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With our state of the art ML algorithms and a team expert in AI and insurance, we at PARAMETRIKS our looking to bridge the gap between data and insurance and are looking to lead the revolution. 

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PARAMETRIKS sits in the middle of the insurer and the insured clients, and works towards building a more transparent, efficient, customized, and cheaper insurer system for both parties

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Specializing in P&C Insurance (for now), PARAMETRIKS aims to collect and use all the existing historical, and real time data from insurances, risk profilings, and any device to build a robust risk prediction model for the insured client in target.

Through these predictions, PARAMETRIKS enables the prediction of future claims, and focuses on avoiding them through risk mitigation and avoiding practices. This results in massive savings related to business cost for the client, as they no longer have to suffer the pain of business interruptions or legal costs of fighting for the claim. This also enables a customized policy for them at a reduced cost, since they now have a robust risk mitigation system in place that continuously works on real time data.

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On the other hand, PARAMETRIKS provides the insurance company with a detailed analysis and risk breakdown of their clients, allowing them to {very} accurately price and customize their insurance policies. Moreover, with the prediction of risks, insurance companies face massive reductions on claim amounts being disbursed. Adding on to it, insurance companies see a significant churn decrease since our insurance partners offer a customized insurance plan, exclusively for the client in the spotlight.

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Our features also include:

• A GenAI chatbot, trained on the data of the client. This allows for easier access to their structural and insurance data. This also enables a more accurate pricing of their insurance policies, as it is being fine tuned on the real time data of the client.
• A digital twin service, especially useful for manufacturing industries, where we provide a real time 3D view of their plant, allowing for a more accurate understanding for the source of the risk.
• A video footage analysis tool, allowing our clients to analyze their CCTV footage and discover the source of the risk, ranging from a solvent leakage to a parking lot mishap.

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To showcase all these features,  PARAMETRIKS {Insurance} will be participating in the highly anticipated AI for Finance 2024 (Generative AI Edition) on September 17th, held at the iconic Palais Brongniart in Paris. This premier event brings together leaders from across the financial and technology sectors to explore the transformative impact of AI on finance.

We extend our deepest gratitude to Yannis BENCHIK and the entire AWS team for making this collaboration possible. Their support and expertise have been instrumental in helping us bring our vision to life.