Reducing Customer Churn in the Insurance Industry with Machine Learning
AI automation can solve a variety of problems and address multiple Insurance use cases The insurance industry is one of the earlier pioneers of making data-driven decisions and adopting Machine Learning. Over the last few years, the amount of data has exploded and insurance companies are turning a lot more to AI and ML to help process large quantities of data to drive innovative business decisions keeping the customer at the top of their minds.With the increase in the volume and variety of data and the needs of the insurance industry, the types of problems that are aimed to be solved with AI and ML have increased tremendously. The below visual gives a sneak preview into the Insurance business areas where machine learning can be leveraged and how often insurance companies are considering incorporating ML into that business area. Figure: % of Insurance companies that are considering incorporating ML into…
