As America watched the game a couple weeks ago, the servers in our clouds went into overdrive unleashing the power of artificial intelligence (AI) to optimize game outcomes and our viewing experience. Teams that adopt these advanced technologies are seeing a competitive advantage and increasing revenue.
There is much to learn about how AI was used while we were eating buffalo wings and chips during the big game. Here are four ways the NFL most likely used AI and how they relate to the insurance industry:
Player Performance Analysis: Teams are using AI to analyze each player’s performance and injury risk. Machine learning can go above and beyond simple averages and evaluate vast amounts of data from games, practices and training sessions to identify patterns and trends that might not be apparent to human analysts.
Using AI for the insurance industry’s core underwriting and claim processes gives our insurance managers — aka coaches — the tools to increase revenue and lower loss costs.
See also: Can AI Solve Underlying Data Problems?
Injury Prevention and Rehabilitation: AI is employed to monitor player health and detect early signs of potential injuries. Wearable devices equipped with AI algorithms track players’ movements, biometrics and physical condition to provide real-time insights. Additionally, AI-powered rehabilitation programs can personalize treatment plans for injured players, speeding their recovery.
How are we treating our injured workers? Are we sending them to the best providers to get the best treatment, like an NFL star? AI improves the health outcomes of claimants involved in a casualty claim. The carrier will save medical expenses, and the claimant will return to health faster. Our incentives are aligned!
Recruitment and Drafting: AI algorithms assist teams in scouting and recruiting players. These systems can analyze player statistics, game footage and other relevant data to identify prospects who fit the team’s needs and playing style.
How are we finding the best new insurance recruits? Insurance executives across the board are talking about the pending brain drain as the workforce ages. AI can assist and find the right talent, but more importantly, it can be trained with data from insurance systems to emulate our top performers and assist our teams with decision support.
Fan Engagement: AI-powered chatbots and virtual assistants provide fans with instant access to information, ticket purchases and interactive experiences. Social media monitoring tools use AI to analyze fan sentiment and engagement, helping teams tailor their marketing strategies accordingly.
Like the NFL, your marketing and customer service teams can use AI to improve customer sentiment. AI eliminates mundane tasks for agents, underwriters and adjusters to provide an empathetic experience for customers — aka fans. Showing empathy for front-line employees and improving their work experience produces improved renewals, captures market share and boosts employee retention.
See also: Why Brokers Should Embrace AI
In 2022, the revenue of all 32 NFL teams totaled $18.6 billion. This is a small fraction of the $1.48 trillion size of the U.S. insurance market.
Large insurance players have begun investing and are seeing massive returns with payoff periods of less than a year. Investment in these systems of intelligence is becoming paramount for any carrier looking to compete.
Every executive across the insurance industry needs an AI playbook, just like Patrick Mahomes and Brock Purdy!
As first seen in Insurance Innovation Reporter.
