What is Life Insurance?
A life insurance policy is something that provides a dedicated sum of money on the demise of the policyholder or after a certain period of time.
Life insurance is a contract wherein an individual is offered financial coverage by an insurance company in exchange for a payment over a period. The payment made to the insurer is referred to as the premium. In case the policyholder passes away during the policy tenure, the insurance company will offer a lump sum amount to his/her nominee. This lump sum amount is called the sum assured on death or the death benefit. Upon completion of the policy term, the policyholder receives a sum assured on maturity or the maturity benefit from the insurer along with some bonuses.
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The insurance industry has been facing a lot of challenges in recent years. The market is becoming more and more competitive, which means that companies need to find new ways to improve their customer experience. One way to do this is by employing artificial intelligence technology.
AI can be used for many purposes in the insurance industry, such as:
- Providing personalized quotes for customers
- Identifying fraud transactions
- Predicting future risks and losses