One of the hottest topics in the Real Estate industry as well as the Insurance industry is the use of Artificial Intelligence (AI). Let’s talk about the positives of this latest technology.
Both industries are using AI in similar ways. For example, AI-powered chatbots can provide quick and efficient customer service. This greater efficiency means budgets can be shifted to other areas, including additional advancements in technology and innovation to help firms grow. Another example is that both industries can utilize AI to analyze data to allow for more accurate predictions of customer behavior. These predictions allow for the development of best practices for customer service, sales strategy and marketing. This means less time guessing or making inaccurate assumptions.
For Real Estate, AI can analyze literally millions of data points within minutes. One example is using AI to make accurate predictions of what property prices will do in a specific geographic area. Imagine being able to accurately predict values simply by using technology to access things like what businesses are moving in and out of the area, what new development plans are on the horizon, the number of new students enrolling or graduating from schools, recent and historical crime rates, and more. The results will help buyers and sellers work with their agents on selecting the optimal time to buy and sell.
For the insurance industry, fraud detection is among the first to benefit from this technology. AI algorithms can analyze data to identify patterns of fraudulent behavior and help prevent insurance fraud. AI can also analyze data to make more accurate predictions about risk, helping insurers set premiums and make underwriting decisions. It also helps insurers to personalize policies and services to individual customers based on data and preferences. Another benefit to insurance companies is a reduction in cost when settling claims. Claims processing can be automated through AI which means reducing the time it takes for customers to receive payments.
There is no doubt there are more benefits and even several disadvantages to using AI which means educating ourselves is key so we take advantage of the pros and mitigate risks that may occur.
For more information on how to protect yourself as a Real Estate professional, call Landy Insurance at 1-800-336-5422 or visit our website at landy.com. Choose Landy! Appreciate the difference and get peace of mind.