AI for Insurance: Artificial Intelligence Makes Its Way Up the Construction Industry Ladder
By Parminder Saini, Vice President of IT
From machine learning to language processing and robotics to ChatGPT, artificial intelligence (AI) has become a game-changer in so many industries – including those that have been slow adopters to this type of technology (we’re looking at you, insurance industry!).
For example, the insurance industry has infused AI-driven capabilities into key areas, such as claims management, to shorten processing time and help detect potential fraud. Insurers are also using AI for insurance to streamline manual tasks and simplify the underwriting, sales and application processes.
Much like insurance, the construction industry has been slow to embrace AI-driven technology. Recently, however, AI is being introduced to several key areas – helping construction businesses to enhance processes for better decision-making before and during the project planning and building stages.
Much like insurance, the construction industry has been slow to embrace AI-driven technology. Recently, however, AI is being introduced to several key areas – helping construction businesses to enhance processes for better decision-making [...]
AI for Insurance: Pre-Project Uses in Construction
- Design and feasibility. AI can aid in conducting feasibility studies during a project’s preplanning stage by helping determine a project’s potential before executing a plan. AI can also provide information regarding tools and methods that may work best for a specific project.
- Documents. AI can be used to automate and streamline processes associated with analyzing and extracting data from construction documents, eliminating many manual and repetitive processes such as data entry and spreadsheet calculations. AI can also help with bidding and negotiations, automating tasks that can speed decision-making processes, such as vetting a project to determine its profitability.
- Pre-project finalization. During the permit/approval phase, AI can be used to help validate building code compliance, as well as manage the building permit process, contracts and the initial stages of a project.
AI for Insurance: Building Stage Uses in Construction
- Analyze a building’s systems. AI can be used to help predict the maintenance schedules of certain systems, such as electrical and HVAC systems.
- Job-site safety. Cameras and sensors powered by AI can monitor job sites for potential safety hazards and alert project managers to issues that need to be addressed. In addition, AI-powered robotics can be assigned to certain tasks that may pose potential hazards to human workers.
- Project management. AI-powered cameras can help project managers monitor the quality of work being performed and identify potential project defects.
- Project and building performance. AI can be used to analyze information to determine a building’s performance – such as indoor air quality.
- Building performance. AI can be used to analyze data from a building’s systems to help identify and optimize its capabilities, such as energy efficiency.
AI can be used to automate and streamline processes associated with analyzing and extracting data from construction documents, eliminating many manual and repetitive processes [...]
Conclusion
As AI-driven technology advances, we will likely see it become more mainstream in the insurance and construction industries – increasing efficiencies, improving project outcomes and keeping workers safe while on the jobsite.
Parminder Saini is the Vice President of IT of Builders & Tradesmen's Insurance Services, Inc., an Amynta Group Company.
Builders & Tradesmen’s Insurance Services Inc.
BTIS is committed to providing robust, individualized products and the highest level of service. Our easy-to-use commercial insurance platform, educational tools, and helpful underwriters make it simple for producers to diversify their books of business by expanding their product portfolios.
Part of the Amynta Group, BTIS is a nationwide insurance intermediary with a small-business attitude. We believe in building solid relationships through communication and a genuine concern for the success of our retail broker clients and the policyholders they serve.
For additional information, visit www.btisinc.com or call (877) 649-6682
