King Price joins vanguard of insurers using AI for service efficiency

South Africa-based King Price Insurance took the plunge into artificial intelligence and has already seen benefits in fraud detection and claims processing.

king price engineers
King Price Insurance

Artificial intelligence is starting to have a profound impact on the services that enterprises are able to offer, and insurance company executives appear to be embracing machine-intelligence based predictive analytics and automated processes more wholeheartedly than their counterparts elsewhere.

AI could be instrumental in every major insurance decision within the next decade, from detection of fraud to customer service improvements, industry analysts say. Advanced applications are already affecting distribution and underwriting, with policies being priced, purchased, and bound in near real time, according to the Insurance 2030 report from McKinsey & Company.

South Africa-based King Price Insurance is emblematic of those enterprises that have already started to tap AI to generate accurate predictive analytics, optimize business processes, automate routine jobs and allow staff to focus on high-value tasks.

“At the moment, our IT team is focused on improving our business processes using artificial intelligence to perfect our premiums and customer experience, which are the main reasons why clients cancel their cover,” said André Martin, CIO at King Price.

King Price Insurance debuted in 2012 and made a splash in the insurance industry by introducing premiums with costs that declined as cars depreciated, selling its first 100,000 policies within two years.

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