Natural Language Processing (NLP) and Insurance
Text & NLP
Natural language processing (NLP) is a subfield of linguistics, computer science, and artificial intelligence concerned with the interactions between computers and human language, in particular how to program computers to process and analyze large amounts of natural language data. The goal is a computer capable of "understanding" the contents of documents, including the contextual nuances of the language within them. The technology can then accurately extract information and insights contained in the documents as well as categorize and organize the documents themselves
Insurance companies of today are trying very hard to shake the stigma that they are behind the times, and with good reason. The popular consensus among consumers is that dealing with an insurance provider is like getting a root canal without anesthesia. Ouch. To be fair, the process is typically complex and tedious. It’s no wonder research says insurance companies lag behind other industries in the realm of digital transformation. Even as outdated methods are phased out in favor of faster, sleeker digital tools, the insurance industry has a long way to go to catch up to the seamless experience consumers now demand. However, many within the insurance sector believe artificial intelligence (AI) will help fast track that transformation.
From insurance claims processing to insurance underwriters, AI is slowly but surely taking what was a predominately paper-based business into the 21st century with a digital-first approach. AI-enabled technologies aim to improve everything from customer experience to the way insurance providers make predictions and manage risk. But the real foundation of this evolution starts and ends with data. A large variety of traditional and experimental technologies have been leveraged in combatting insurance fraud. NLP technologies are among the most promising options according to experts in the field. Manually reviewing claims notes and data like emails or text messages can be incredibly time-consuming. NLP solutions are able to automatically analyse and understand all this unstructured data (messages, social media posts, claims, etc.). These solutions can then flag cases of suspected fraud for human review. Additionnally, According to an recent survey, more than 80% of insurance customers want personalised offers, messages, pricing and recommendations from their auto, home and life insurance providers. Virtual assistants, powered by NLP technologies, can help deliver that personalised experience to insurance customers.
Beyond automating customer experience personalisation, is the need to provide them with timely and accurate answers to their questions. An insurance agent arguably wastes a considerable amount of time on low added-value tasks like answering basic questions.
This use case can be handled with different engines offered by different providers on the market. To help companies discover and test these different engines, we have developed Eden AI, which provides a single, simple access to all these engines: