How Will AI Impact the Insurance Industry?

September 27, 2023
The insurance industry has undergone a transformation in recent years with the integration of artificial intelligence (AI), enhancing fraud detection, underwriting, claims and the customer experience. Insurance professionals have embraced the opportunities that generative AI presents, using it as a tool to enhance the customer experience by offering advanced underwriting and risk assessment.

AI-Powered Underwriting

Traditionally, underwriting involved time-consuming reviews of historical information to evaluate an individual’s risk of loss. With AI, we can now analyze vast amounts of data in real-time, enhancing the likelihood of more accurate assessments of each individual risk profile and better underwriting decisions pertaining to coverage terms and premiums made with more precise pricing models.
Machine learning algorithms can identify complex emerging patterns and correlations in the data, making it potentially faster for our insurance carriers to predict risks more accurately and minimize losses. This may reduce the amount of data that you will need to provide to us as your agent, which in turn may save you both time and money.

Claims Processing and Fraud Detection

While nothing can replace an actual human adjusting complex or unusual claims, intelligent AI-powered systems can often assist in handling routine claims. At Brooks, Todd & McNeil our knowledgeable and experienced claims facilitators are here to assist you from the beginning to the end of the claims process. However, in certain circumstances, AI can be used during the claims process by providing supporting documentation to help settle claims quickly and accurately and thereby improving the overall satisfaction of our clients.
AI algorithms can also analyze data for predictors of fraud. Quickly identifying suspicious or duplicate claims, and inconsistencies in claims, may reduce the risk of unnecessary losses and reduce premiums which are elevated by the billions in fraudulent claims paid annually.

Personalized Customer Experience

As independent insurance agents, it is important for us to keep up with the latest technology so that we can best serve our clients . AI-powered chatbots and virtual assistants have revolutionized the insurance industry’s customer service efforts. Have you noticed that you can now log into our website at to reach out to our sales and service teams. We understand that it may not always be convenient to pick up the phone to call us with questions or changes. We hope that by offering this automated service, we can continue to provide for the needs of our clients while facilitating an enhanced customer experience.

Leveraging AI for Enhanced Insurance Services

Using AI, the insurance industry has enhanced underwriting accuracy, expedited claims processing, and improved the overall customer experiences. This has made it overall easier to develop more competitive and personalized insurance products that benefit both insurance carriers and policyholders. However, while we acknowledge that there are many advantages to incorporating AI, we also understand that nothing can replace personalized human interaction when it comes to determining your insurance needs.
As we navigate these unprecedented times here at Brooks, Todd & McNeil, we are committed to carving out a place for AI in our processes while continuing to provide tailored solutions for our valued clients. Our team is ready to pair their decades of experience with modern technologies to offer the best and most affordable policies from various providers. Contact us today at (800) 448-4567.