Artificial Intelligence is Coming and Coming Fast
Artificial intelligence (AI) is constantly in the headlines, reminding us that it is coming into every aspect of our lives and coming fast. From writing emails to household DIY tasks to submitting your tax return, AI can guide you in best practices.
So, what does that mean for the world of commercial property insurance? Artificial intelligence is integrating into this industry just as you’d expect. However, it is actually empowering insurance professionals to perform at even higher levels than they already were.
AI in Commercial Property Insurance
Artificial intelligence is already transforming tasks in the commercial property insurance industry and allowing brokers to spend more time with their valued clients.
Assessing Risk
Artificial intelligence programs can use listing and marketing information, geospatial data, and drone imaging to instantly analyze a piece of commercial property to determine risk levels. Information such as the square footage, lot size, roof condition, or whether or not a building is in a floodplain can be immediately verified to develop tailored policies and adjust premium costs.
Creating Policies
Once AI has gathered as much information as possible on a given parcel and an insurance professional has reviewed the data, the systems can create policy recommendations to meet the insured’s needs in record time. While artificial intelligence will quickly draft policies, there will always need to be a conversation between the insured and insurer to discuss the intricacies of the situation, as not everything presents in the form of data sets that AI can analyze.
Managing Claims
When claims are submitted, artificial intelligence will sort and evaluate the information to see what actions must be taken. AI may even give insurers recommendations on whether claims should be approved or denied and the best ways to handle potential payouts.
Preventative Measures
While AI can expedite many portions of the insurance process, it can also give early warning signs. Insurance providers will increasingly utilize AI-enabled sensors and computer programs throughout properties to detect threats (vandalism, flooding, fire, etc.) and immediately alert the insured and insurer with real-time data.
More Face-to-Face Time
Overall, artificial intelligence will become a larger part of commercial insurance. The good news is that it can handle the time-consuming backend tasks, allowing your trusted insurance professional to spend more time face-to-face with you discussing your needs and concerns.
If you have any questions about commercial insurance, please contact Steve Longenecker (303-808-9351 x2) at Mountain Insurance: Longmont.
We give out $25 gift cards for referrals that become our insurance clients.
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