AI helps insurers cut onboarding costs, speed up claims processing: McKinsey

New Delhi [India], July 31 (ANI): Artificial intelligence (AI) is helping insurance companies improve sales, reduce customer onboarding costs and process claims more accurately, according to a report by McKinsey.

The report said insurers adopting a domain-based AI strategy have recorded a 10-20 per cent improvement in new-agent success rates and sales conversion rates, along with a 10-15 per cent increase in premium growth. Customer onboarding costs have declined by 20-40 per cent, while claims processing accuracy has improved by 3-5 per cent.