42 NEBRASKA CATTLEMAN November 2024 PEERS NCIG ARTIFICIAL INTELLIGENCE AND INSURANCE TODD BARTEK | FNIC SENIOR VICE PRESIDENT AND DIRECTOR OF AG Science fiction movies have given us many stories of what life with artificial intelligence (AI) might look like. Movies like The Matrix or Terminator portray AI as a threat to humanity and something we must fight against. I tend to enjoy a more positive view of AI, like the portrayal in Iron Man. In the movie, Tony Stark’s AI assistant, Jarvis, helps Tony run multiple iterations of his Iron Man suit design, analyzing data and offering suggestions. This depiction aligns more closely with our current reality of AI: an assistant that empowers us to innovate, solve problems faster and make more informed decisions. We’re not quite at the point of having our own personal Jarvis, but AI is already making strides in the insurance industry. It offers ways to analyze data faster, improve customer service and streamline operations, all while keeping human oversight at the core to guide its result. ENHANCING UNDERWRITING Traditionally, underwriting involves analyzing extensive amounts of data to assess risk and determine appropriate policy pricing. This process can be time consuming and prone to human error. However, AI can rapidly analyze vast datasets, uncover patterns and provide insights that human analysts might miss. The data can help underwriters make more informed decisions about the risk they insure. STREAMLINING CLAIMS PROCESSING Claims processing is another critical aspect of the insurance business that AI is revolutionizing. Traditionally, processing claims can be tedious, often involving numerous manual steps and long wait times. AI-powered tools such as chatbots and machine-learning algorithms can significantly reduce the time required to process claims. CUSTOMER SERVICE OPTIONS In today’s fast-paced world, customer expectations are higher than ever. By embedding AI into websites and mobile applications, insurers enable customers to access services anytime, anywhere. AI-powered chatbots, for instance, can handle customer inquiries around the clock, providing quick answers to questions related to policies, pricing and claims. These virtual assistants can offer immediate support without needing human intervention. PREVENTING FRAUD One of my top uses for AI is preventing insurance fraud. Each year, I’m amazed that fraud costs our industry billions of dollars. AI’s advanced pattern recognition capabilities can revolutionize the way fraud is detected and prevented. By analyzing vast amounts of claims data, AI can spot irregularities and flag suspicious activities faster and more accurately than human analysts. CONTINUED ON PAGE 44 1/4 Horizontal Nebraska Cattleman Full Color Eisenmenger Farms, Inc. August 2023 “Big yard features, small yard attention.” Eisenmenger Farms, Inc. Joe Eisenmenger, General Manager ▪ Cell: (402) 920-0665 Customer Relations & Cattle Procurement John Eisenmenger, Yard Manager ▪ Cell: (402) 920-1933 ▪ 9,000 head capacity ▪ Within 100 miles of six packers – three of them major ▪ Within 60 miles of four ethanol plants ▪ Grain banking capabilities of corn ▪ Feed financing capabilities 26708 385th St. ▪ Humphrey, NE 68642 ▪ Phone: (402) 923-0401 ▪ Fax: (402) 923-0404 Eisenmenger Farms, Inc.
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