Farmers insurance along with the whole of the insurance industry relies on accurate data to forecast market trends and price premiums appropriately. Perhaps more so than other industries, those in the insurance industry are especially sensitive to shifts in market consumer behavior as well as many other possible external threats.
In the past few years, Farmers Insurance has invested in their analytics team to improve customer experience, lower customer churn and reduce fraudulent claims. Their teams work together to identify use cases and share technologies that might be useful companywide.
The use of Prevedere’s AI technology for next-generation predictive analytics is one strategy Farmers Insurance has adopted to better understand their customers and grow business.
Prevedere equips Farmers Insurance to identify leading indicators and economic forces that matter to their business, which the company has used to develop improved forecasts, increase targeted quotes and uncover unique insights about the future.
Farmers Insurance Advanced Analytics Discussion
In a recent webinar discussion with Prevedere, Farmers insurance identified three ways advanced analytics and AI are changing the way business is done in the insurance industry:
- Sales and marketing teams now have the capability to target consumers with the products they need when they need them. Having relevant data about consumers means insurance companies can better understand customer behavior and predict when they might be more likely to take out a policy, such as around a major life event like the purchase of a home.
- Advanced AI analytics enables insurance companies to provide more effective customer service. For example, data from each customer touch point can be recorded and aggregated to power a knowledge base that informs interactions across all channels. Or, from an AI perspective, customers might soon have access to faster and more accurate self-service systems thanks to natural language processing and AI-enabled image recognition.
- From a claims and underwriting perspective, companies are getting much better at detecting fraudulent activity using new and real-time information. Advanced AI analytics can spot patterns of abuse and flag inconsistencies to managers for review. In addition, with connected devices, insurers can verify usage and pricing appropriately.
AI Technology for the Insurance Industry
In today’s economy, organizations have to be mindful of what data they are bringing in, how it can be used and how to best organize it. Advanced AI-powered analytics present a tremendous opportunity for businesses to make better use of that data.
For a greater discussion about the influence of AI and predictive analytics on the insurance industry, watch Ankur Raniwala, a member of Farmers Insurance’s Analytics team, in this webinar with Prevedere.
Watch the Farmers Insurance Webinar:
The insurance industry is evolving rapidly as new technologies such as artificial intelligence (A.I.) and predictive analytics become more mainstream. Farmers Insurance discusses thoughts on how AI is influencing the insurance industry to better serve their customers.