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AI in trucking insurance is one of the key areas where automation can be expected to meet the dynamic changes in customer demands and insurer’s management process. When opting for a commercial vehicle insurance, you would want to go for a policy that observes comprehensive coverage, budget-friendly premium rates with easy payment options and a simple claim filing process. Here, artificial intelligence adopted by insurance companies can benefit you greatly. In this article, we discuss all about artificial intelligence in insurance, and how it can help you with your truck insurance.
What is Artificial Intelligence in Insurance?
Artificial Intelligence (AI) is a field of technology that is emerging at a rapid pace. In the field of transportation, AI plays a major role in improving the efficiency of vehicle operation. Along with that, it builds a robust predictive maintenance system that can foresee and even prevent vehicle failures and breakdowns.
This is why AI in trucking insurance is the next big thing to come up. Reports suggest that utilising AI in commercial vehicle insurance particularly can enhance the productivity of the vehicles by 20%, along with reducing costs incurred in maintenance by 10%.
Here is how artificial intelligence would work for motor insurance: in the current scenario, getting a commercial vehicle insurance policy, renewing one or submitting a request for a claim involves a lot of data both in a structured and semi-structured manner. From incident documentation to billings to repair cost estimates, the entire set of data requires processing in many steps, which can be a time consuming task.
With the help of AI, the evaluation and issuing of vehicle insurance policies can become an automated process. This automation can streamline the claim settlement process with ease, since insurance providers can easily get hold of relevant information from all documents and start the processing at the earliest.
How Can AI Help in Truck Insurance?
Talking particularly about truck insurance, AI has a substantial role to play in that. There are 4 major ways by which artificial intelligence can help trucking insurance:
- Faster claim settlement
- Customised insurance policies based on usage
- Personalised coverage
- Identification of fraudulent cases
Faster Claim Settlement
Artificial Intelligence can be a boon to both insurance policy holders and insurance providers alike. For policy holders, it can mean an efficient customer service since claim requests will be automated, hence would be processed faster. For insurance providers, the claims will be fast-tracked, which would lead to a reduction in time spent and processing costs. Moreover, claim submission will become a simpler process with the aid of online interfaces, along with reducing the claim processing time to just a few minutes.
AI in trucking insurance can also enhance the customer experience. Introduction of chatbots can humanise the automated process for the user, thus relaying quick responses and improving the efficiency of claim settlements and payments.
Customised Insurance Policies Based on Usage
With AI integrated in commercial vehicle insurance, policies can be customised on the basis of the utility pattern of the user, and their behaviour behind the wheel. Artificial Intelligence will be able to interpret and analyse driving behaviour, which can alter the premium costs and policy coverages for different types of customers. AI, with the aid of Telematics, can analyse driving patterns of each customer, as a result of which people who are deemed safe drivers will have to pay less premium costs. This is also termed as Usage Based Insurance.
Also, coverages can also be variable according to how the vehicle is being used and treated. Manually collecting this data is seemingly impossible. However, AI can facilitate data collection in a matter of minutes. Safe drivers can have access to a more comprehensive coverage, which can be supported by the information provided by AI.
Apart from general standard truck insurance policies, AI will facilitate a hassle-free buying experience with the help of automation. It will be able to access all personalised data about the customer, from most frequented terrains to driving patterns to vehicle usage. With the help of this information, the customer can then be given the opportunity to customise their coverage plans and avail on-demand commercial vehicle insurance policies.
Identification of Fraudulent Cases
Artificial Intelligence can be vital in the claims management process. AI can enable procurement of data required for motor vehicle insurance, which can be used to evaluate the validity of a claim. While this will streamline the decision making process for claim settlements, it will also identify and subsequently decline fraudulent cases. By means of the historical data available, AI systems can appropriately evaluate the damages and the repair costs.
AI in trucking insurance can help out with risk evaluations and smart decision making for insurers and insurance companies alike. It will also enable faster, better and a more efficient customer service and experience.
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