We're in a time where artificial intelligence (AI) is truly taking over every industry. In the same way that e-commerce has rocked various industries, you will need to keep getting ahead of the curve, so you can embrace AI and use it to your advantage.
Since AI is a field that is set to exceed $7bn over the next few years, it is more possible than ever to carve out a niche and embrace these strategies.
Below we'll take a look at some of the fields that are set to evolve, thanks to AI, and will provide some examples of how it will happen.
AI and the insurance industry
Whether we're talking car insurance, life insurance or automotive insurance, it is clear that AI will be a huge part in creating and monitoring policies moving forward.
For instance, AI bots are forecast to become commonplace when putting together life insurance such as homeowner's insurance. What used to require sitting down with an agent or filling out long forms can now be more tailored to your needs, thanks to the increasingly sophisticated use of AI.
As algorithms are being developed that pinpoint and prevent fraudulent claims, AI may also help insurance companies retain money. Insurance fraud is an issue that loses insurance companies more than $40bneach and every year.
Companies across the board will benefit from implementing these algorithms because they can pinpoint these issues without having to get law enforcement involved. This way, your company could get these issues out of the way in a more timely and efficient manner.
Having access to customer data in real-time makes using AI in your insurance company can streamline certain processes.
Artificial intelligence and the banking industry
The banking and finance will definitely soar to new heights thanks to AI and will have a ripple effect, as the banking industry is set to experience $1 trillion in savings by the year 2030. Customers will receive this trickle-down effect with quicker service, lower fees and better options as a whole.
As an example, AI will can be used when issuing loans to offer personalized metrics. Banks will also be able to get more sophisticated fraud protection, which can save customers lots of money and heartache.
You won't have to spend hours on the phone or in line at the teller, because AI bots will be able to field your issues expediently and thoroughly. Since banking is something that affects every individual and business, these changes will be plentiful and wide-reaching.
Artificial intelligence and the automotive industry
Self-driving cars are imminent, thanks in large part to AI, also in order for these vehicles to remain safe and on the best routes they must use data that allows them to keep learning.
AI may also see people ordering vehicles online and having them customized and self-driven to their doorstep in a few years.
With AI improving rideshare services by leaps and bounds, expect the way we travel to look impeccably different due to this technology. Consider these changes so you can implement AI in your own industry.