Changes in Insurance Contract Standards Under Artificial Intelligence Scenarios

Shuyi Zhang () and Xuyan Zhang ()
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Shuyi Zhang: Shenyang University, Industrial Engineering
Xuyan Zhang: China Normal University, International Department of The Affiliated High School of South

A chapter in Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022), 2022, pp 911-916 from Springer

Abstract: Abstract Artificial intelligence is widely used in many ways, and people are also applying the technology to the pricing of insurance contracts. This article will apply common algorithms like the big data analysis of artificial intelligence to the predetermined incidence calculations in insurance pricing and the decrease of insurance refusal. Therefore, people can better understand the usage of artificial intelligence in the insurance pricing area, and also the increase of loss ratio through analyzing the whole pricing process. Through the research we have done, we can conclude that artificial intelligence is capable of making the predetermined incidence calculations inside insurance pricing accurate, which increases the loss ratio, as it can precisely predict the most effective and useful insurance for people. Therefore, insurance companies can enhance their cooperative image, and create more clients, in the end, providing more profits for the insurance company.

Keywords: Artificial intelligence; Insurance pricing; Algorithms; Profits; Loss ratio (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-036-7_134

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DOI: 10.2991/978-94-6463-036-7_134

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