Every day digital advancements change the way we look at and interact with the world. New ways of sharing information and collating data have made things in some ways simpler, even in complex areas such as auto insurance. Advancements in AI (Artificial Intelligence) are the most likely to bring a great chance to auto insurance. Currently, we are looking at an insurance market that has changed very little over the years. The real question is, how much longer can stagnation last? Full article: http://amigomga-insurance.net/personalizing-the-auto-insurance-industry-with-the-help-of-ai/

1. 5/18/2021 Personalizing the Auto Insurance Industry with the Help of AI | Amigo MGA General Insurance
amigomga-insurance.net/personalizing-the-auto-insurance-industry-with-the-help-of-ai/ 1/3
Amigo MGA General Insurance
Personalizing the Auto Insurance Industry
with the Help of AI
May 18, 2021 by Amigo MGA (Edit)
Every day digital advancements change the way we look at and interact with the world. New ways of
sharing information and collating data have made things in some ways simpler, even in complex areas
such as auto insurance.
Advancements in AI (Arti cial Intelligence) are the most likely to bring a great chance to auto insurance.
Currently, we are looking at an insurance market that has changed very little over the years. The real
question is, how much longer can stagnation last?
AI still has a long way to go before it is on par with the beings portrayed in science ction novels. Still,
there are plenty of ways for modern AI to help the insurance world. AI processes can help with pricing,
handling claims, and fraud detection, just to name a few options.
The advantage of using AI to set prices comes with the ability to create individualized and personalized
policies. An insurance company that employs this tactic will provide custom quotes curtailed to the
clients’ needs, creating a competitive advantage.
Arti cial intelligence could easily customize these policies based on user location, marital status, family
status, the likelihood of premium charges, driving history, and more. Most notably, it could also make sure
of IoT (Internet of Things) to draw in more personalized data.
Given the potential power of AI, the level of personalization is limitless. The policy could go beyond
personal records and look into the car the coverage is intended for. Here crash and injury data could
quickly come into play, as well as automotive history.
As for handling claims? It wouldn’t take much effort to automate the handling of certain claims through
the use of arti cial intelligence. This would save time and money in the long run and give clients a faster
customer service experience.
HOME BLOG
AMIGO MGA BLOG

2. 5/18/2021 Personalizing the Auto Insurance Industry with the Help of AI | Amigo MGA General Insurance
amigomga-insurance.net/personalizing-the-auto-insurance-industry-with-the-help-of-ai/ 2/3
In turn, this would shorten the time required for settling claims. This will result in happier customers, but it
will help limit fraud cases in the process. This is a vital element, as insurance fraud is currently costing
companies around $40 billion per year. AI can easily detect fraudulent cases, diminish risks, and
streamline the process for legitimate cases.
Filed Under: Amigo MGA, Auto Insurance
Tagged With: Alan Rasof, Amigo, Amigo MGA, Amigo MGA LLC, auto insurance, autoinsurance, car insurance, general
insurance, insurance, insurance policies, insurance tech, personal insurance, premium, self-driving cars
Primary Sidebar Widget Area
This is the Primary Sidebar Widget Area. You can
add content to this area by visiting your Widgets
Panel and adding new widgets to this area.
Secondary Sidebar
Widget Area
This is the Secondary
Sidebar Widget Area. You
can add content to this
area by visiting your
Widgets Panel and
adding new widgets to
this area.
MORE ABOUT AMIGO MGA
Amigo MGA
Best Practices
CNN TOP STORIES
5 cards charging 0% interest until 2022
11 popular Wayfair rugs starting at under $50 to revamp
your home
We drank way too much coffee to nd the absolute best
cold brew makers
Knife sets are expensive, but absolutely worth it: Here's the
best one to buy
We tested 11 top-rated shower heads: These 4 won us
over
RECENT POSTS
Personalizing the Auto Insurance Industry with the Help of
AI
What Is Usage-based Insurance (UBI)?
AMIGO MGA BLOG

3. 5/18/2021 Personalizing the Auto Insurance Industry with the Help of AI | Amigo MGA General Insurance
amigomga-insurance.net/personalizing-the-auto-insurance-industry-with-the-help-of-ai/ 3/3
The Future of Car Insurance Beyond 2021
Copyright © Amigo MGA · 2015
AMIGO MGA BLOG