Don’t get left behind: How AI is reshaping customer expectations in insurance [WEBINAR] скачать в хорошем качестве

Don’t get left behind: How AI is reshaping customer expectations in insurance [WEBINAR]

The webinar highlighted the growing interest in AI within the insurance sector, with over 400 participants. Despite this interest, many companies struggle with how to begin implementing AI effectively. Pascal, the founder of E Data Information, shared his company’s journey from vehicle data to AI solutions, emphasizing the critical need for insurers to adopt AI or risk obsolescence. Transforming Insurance with AI AI is driving significant changes in the insurance industry across products, customer expectations, and operations: 1. Product Innovation: • Embedded Insurance: Ecosystem growth and digital advancements are enabling retailers to integrate insurance into their offerings. • User-Based Insurance: Models based on behavior and usage, such as telematics, are gaining attention. • Microinsurance: Innovations like small-scale life insurance tied to credit card usage are thriving in regions like Asia. • These trends demand insurers revamp systems to handle granular product configurations. 2. Evolving Customer Expectations: • Consumers expect seamless digital experiences akin to those offered by tech leaders like Amazon. • Insurers must elevate customer service and engagement to remain competitive. 3. Industry Consolidation: • Overcrowding and low profitability are pushing weaker players toward mergers. AI adoption is critical for survival. 4. Technological Advancements: • Despite interest, practical adoption of AI remains low, with fewer than 20% of professionals using tools like ChatGPT. • AI can revolutionize claims processing, customer interactions, and operational efficiency. Real-Life AI Applications 1. Customer Service: • AI chatbots, costing as little as $20 per month, can handle a significant portion of customer queries, reducing workloads. 2. Claims Management: • AI agents streamline document verification, fraud detection, and claims processing. • For instance, agents can validate repair estimates, flag anomalies, and alert handlers for follow-ups. 3. Operational Efficiency: • AI automates repetitive tasks like document classification and compliance checks. • It accelerates IT development through AI-written use cases and coding support. 4. Technology Development: • AI tools improve workflows by bridging communication gaps between business and IT teams. Strategic AI Integration Successful AI implementation requires alignment with strategic goals: • Revenue Growth: Dynamic underwriting, AI-driven lead generation, and improved customer journeys. • Operational Stability: AI supports IT documentation, governance, and technical debt reduction. • Cost Reduction: Automation in claims processing, customer interactions, and IT operations lowers expenses. Starting with AI 1. Identify Pain Points: • Gather teams to pinpoint challenges and inefficiencies. Engage a facilitator to drive productive discussions. 2. Start Small: • Implement simple, standalone AI tools to deliver immediate value without straining resources. 3. Adopt Phased Goals: • Focus on realistic, short-term objectives while aligning with long-term AI aspirations. Workshops and Learning Participants were encouraged to explore AI through workshops, such as the AI Academy in Dubai, to gain hands-on experience and industry insights. Key Takeaways AI is an opportunity for insurers to improve efficiency, reduce costs, and enhance customer experiences. Companies that fail to adopt AI risk losing market share to competitors. By starting with small-scale implementations and aligning AI with strategic goals, insurers can achieve long-term success and innovation.