AI and insurance: faster and more efficient, but is there a downside? | TRSB Inc.

Tomorrow is almost here

Imagine a world where your car insurer knows your intended destination and promises to lower your rate if you take the safer route it suggests. Or is connected to your vehicle’s internal diagnostics and can tell you exactly what to do in the event of a fender bender (“Take a picture of the front bumper and upload it to your claim processing app”). The efficiencies could be enormous.

We don’t even have to wait until tomorrow. The insurance industry is using AI to drive change today:

• With the avalanche of new data from connected devices, it better understands and can more readily predict client behaviour.
• It is creating new product categories, personalizing pricing, and automating the underwriting process through AI’s advanced pattern-recognition abilities.
• It is enhancing the client experience through chatbots and personal assistants.
• It is accelerating claims processing while reducing the incidence of fraud.
• It is automating internal workflows for greater efficiencies and savings.

There’s more on the way

It will be increasingly easy to share data across industries. Wearable data could tell insurers that, yes indeed, you do walk 10,000 steps a day. Your home automation system could report on your house-related activities. And your car could provide a real-time portrait of your driving habits (in fact, insurers are already installing devices to do just that). Then all this data will be processed by cognitive technologies loosely based on the human brain’s ability to learn, and outcomes will be applied to your insurance products.

That’s great news if you lead an athletic lifestyle, drive safely, and live responsibly, but it’s also intrusive. What if there are mistakes in the data? Or biases? Who’s to stop an unthinking program from misinterpreting images or data sources? Obviously, people have to be involved in the process—a standalone AI model is a recipe for failure.

An example from the world of translation

At some point, almost all insurance companies require translation services. At TRSB, Canada’s leading translation firm, we work with many leaders in the industry. AI plays a key role in the services we provide, but under the watchful eye of professional human translators who follow strict procedures. Here’s how we deliver speed and cost savings with no compromise to quality:

• All work is performed in a highly secure environment carefully monitored and maintained by TRSB’s IT specialists.
• We use the most advanced neural translation engines available and train them on decades of professional translations from the field of insurance. Quality in, quality out.
• We work with translation memory tools that retrieve and use your in-house vocabulary.
• We add human expertise by having subject matter experts on our translation team check the output line by line. TRSB has an entire division devoted to insurance translation.
• For advanced terminology, our translators refer to our team of terminologists, who are standing by to carry out research.
• We have specialized divisions we draw on depending on the nature of your requirements: legal specialists for legal documents, copywriters for marketing materials, HR experts for human resources, etc.
• We’ve undergone rigorous certification, so we can advise you on best practices, help you coordinate your workflow, segment your work by required level of quality control, and more.
• We also offer a complete Desktop Publishing department that can handle multiple file formats.

Cost, speed, quality

We’d be delighted to sit down and go over your requirements with you. There is no cost or obligation. We will put together a plan that delivers AI-enhanced savings and speed while also leveraging our decades of experience in insurance. It’s like an insurance policy designed to protect your corporate image and make sure you enjoy maximum benefits from AI!