Hello everyone. Very warm. Welcome to all of you. I'm really excited and honored to be part of this conference. I want to share my thoughts with all of you today. I'm Bala working as an expert software engineer in one of the incidents leading Nsurance companies in the United States. Today I'm going to talk about how artificial intelligence and human expertise are working together. Drive operational excellence in the insurance industry. Insurance is something we all experience, whether it is a health insurance or insurance at home insurance, but many people do not realize how much technology works behind the scenes to make the process faster, safer, and better. My goal in this present presentation is to explain how AI helps insurance companies become smarter. More efficient, but at the same time, human skills like empathy, judgment, and experience are still very important. We'll share real life examples from insurance operations so that everyone can easily understand this topic. Let's begin the journey together. Let's first understand how AI brings a major shift in the way of the way insurance companies operate today. AI is changing insurance operations in a big way. It helps in three important areas, improving efficiency, increasing company growth, and reducing cost. Let's talk about improving the efficiency. A improves the efficiency by automating tasks that use to take this. For example, when someone applies for health insurance, a systems can check their medical reports, analyze risks, and provide a premium code within a minutes. And the second one is AA helps companies. Grow by creating a smart pricing models. For instance, if a customer installs a smart device in their car to monitor safe driving, the company can offer discounts. This attracts more to the customers so that they can expect more customers come, will come on onboard to our insurance. Carbon is they reduce operational cost by automating routine work. Earlier insurance companies had a large call centers to handle the customer questions. Now a chat bots can answer basic questions, but four by seven, it's saving a lot of time and money to the insurance companies. All these changes are helping insurance companies to offer faster processing, better decisions, and more personalized services. Despite all these technologies, human expertise remains criticals. Let us see why humans are still important in in this AI driven world. While AI handles many tasks, there are something that only humans can do well. There is a car accident involves. Multiple vehicles and legal disputes. A human claims adjuster is required to handle the situation fairly in fraud. Detections A can catch patterns, but human investigators are better at identifying lies are unusual behavior during a call in customer service, especially during a sensor. Situations like that claim are a major accident policy. Only a human can provide empathy and comfort. That is why human expertise will always be sharing insurance industries to handle complex emotional sensitive situations. Now let us look at how AI users data to make smarter risk assessments. A systems use advanced data analytics to evaluate risk more accurately. For example, in health insurance, a can analyze years of medical reports for particular personal to understand how, which, like smoking or drink drinking, increase the health risk. It can also monitor customer behaviors like exercise habits using fitness strikers. This allows insurance companies to offer better plans. For instance, a person who access daily needs healthy may get a lower premium and compared with other process. Similarly, AI can adjust car insurance premiums based on the driving behavior of the persons people who can drive those cars safely and following the speeding limits. And if they don't have any. Decades that are issued at so that they will get a better pricing. AI also helps detect hidden patterns in past claims, which humans may miss, essentials, accurate risk prediction, and fair pricing. Now let's see how AI helps managing risk in real time and protect customers. A, a enables real time monitoring of risk and provides proactive alert to customers. For example, a, a systems track, weather patterns and can select then the alerts about upcoming flights, storms to the customers so that the customers can react immediately. And if there is a spread in a particular area, a customer may receive a message just to move there. Um, car and family to a different locations and take the safety measures. AA three calculate risk level based on changing situations. For example, the customer installs a smart, smart security device at their home. The risk of the theft goes down and then insurance premium may reduce. This prior to risk management, not only protects customers, but also helps insurance companies reduce claims and lose losses. So let's go into the next slide. Let us explore how companies balance between, um, automation with human judgment, but better decision making. It is perfect for handling routine and tri tasks. For example, a customer files a claim for a small repair, like a broken window. A can verify the details and approve the claim instantly within few minutes. But for complex cases, like a major plan accident are a liability dispute. AI systems plank the case for human review. So human upgrade their experience in this scenario, assess the situation deeply and make the final decisions. This collaboration, nqs speed, accuracy, and customer satisfactions. Let us now see how AI improves claims processing and makes life easier for customers. AI has completely changed how claims are processed. Earlier when you look at, uh, the way the claims are processing, the customer have to submit a claim and it has to be manually, uh, reviewed by, uh, some human and they have to take the decision. The entire process took around some three to five business days, but coming to the aa, what we can do is, and use some OC technologies and whatever the documents that customer uploads. We use the AI technologies and we extract that data. We can, a, can take the decisions whether it has to process the claims or not. Within emanate, uh, this has reduced the efforts and improves the transparency and increase the customer satisfaction by 30% in many companies. It does now look at how we a, a detects fraud claim. Effectively, a is very powerful in detecting frauds. It analyze large amounts of data to catch eligible claim patterns. For example, the same person files multiple claims for different locations for the same Danish. A systems can catch this pattern very easily. AI also does network analysis, which means that maps the relationship between the claimants and service providers to predict the fraud rings behavior analysis, which helps us to identify the suspicious languages in claims forms, which means, uh, it means a person changing their story multiple times. System alerts a human investigator is needed. This has increased the fraud detection rates by 35% in many insurance companies. Now let us understand why human tech is still necessary in complex cases. A cannot handle emotional situations or complex negotiations, for example. Disaster like customers needs help supporting to guide them through the claims process. In disputes involving multiple parties. Human adjusters handle legal discussions and make fair decisions since the negotiations like setting a life insurance claim require empathy and understanding only humans can provide. Provides the data support, but humans handle the conversations and emotional aspects. Let us now look at how the market for AI and insurance is growing rapidly. The AI insurance market is growing very fast. The report suggests that the market will grow at the rate of 47% til 2027. Health insurance will be the largest segment contributing 35% of the total market value. Many leading insurance companies are ing in like card bots, automated claims processing, and predictive analytics. For example, the customer today can generate their insurance codes, file claims, and check policy details on their mobile apps. It is all powered by a. This trend shows that AI will play a huge role in the future. Insurance. Finally, let us see how AI and human collaborations will shape in future. The future of insurance lies the perfect collaboration between AI and humans. AI will handle work, it improves the efficiency by party percent and reduce the operational cost by 25%. Human expert will continue to handle complex and sensitive situations. Customer satisfaction is as expected to improve by 60% because of faster and more personalized services. For example, a may offer a personalized insurance plan based on the customer behavior, and a human advisor will discuss the benefits and help the customers choose the best option, which is provided by the a. A, this collaboration issues. The best of both words. Technology for speed and accuracy, and human touch for care and apathy. Thank you all for attending my session today. I really appreciate your time and attention. If you would like to stay connected with me or if you have any further questions, please feel free to reach out. You can connect with me on LinkedIn. Just search for. Alternatively, you can also email me at contact lacma@gmail.com. Would love to stay in touch, share knowledge, and discuss ideas. Thank you so much. Wishing you a wonderful day ahead.