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Investing in Artificial Intelligence [AI] adds significant value to the insurance industry. AI can be incorporated in myriad ways and insurers must work on building their Artificial Intelligence Quotient (AIQ).
There are two visible global trends altering the way insurers approach sales. One is the shift in focus from product to customer and addressing their demands, the second being the sheer volume of data that is gathered. In an AI-powered path to purchase, there is better mapping and understanding of the customer behavior which changes the entire process, including sales.
Smarter automation with deployment of intelligent technologies in order to gain operational efficiency while ensuring customers enjoy better experience is the sole objective.
AI in Sales, Marketing and Distribution
Using AI Algorithms to create risk profiles, the entire TAT is redefined. The time taken from start to the actual insurance policy purchase is much faster. Similarly, with telematics and in-home Internet of Things (IoT) fitted into devices helps alter the pricing algorithms, making it a win-win situation for both customer and insurer. With automated systems comes ease of authentication and verification which in turns eases the claims processing.
Here are some of the ways in which AI is disrupting the insurance space:
Key benefits of AI
Faster, better lead generation: Data analytics and insights help agents reach out to potential customers and improve effectiveness of leads generated.
Effective cross-selling and up-selling: All the data gathered about the customer opens up upselling and cross-selling avenus.
Better customer experience: Insights and Bots help in providing faster resolutions and providing a better, more personalized experience.
AI powered insurance solutions also gives the insurers the opportunity to save operational costs, which includes about 30% of their customer service costs. This is done by,
Here is a break up of the use cases & benefits based on the various elements in Insurance,
1. Marketing & Sales Distribution
3. Servicing & policy Underwriting
4. Claims Management
At the end of the day, it all about how well the insurers make use of the available systems and technology.
At Neutrinos’, with our insightful and incisive approach to developing affordable business solutions, we ensure that clients are able to leverage the disruptive edge of technology while at the same time keeping an eye on their ROI. Offering in-built capabilities for the adoption of emerging and futuristic technologies such as IoT, AI, BPM, etc. If you are looking for digital insurance sales distribution solutions, connect with us now!