AI has You Covered!
Transforming Customer Service in the Insurance Sector
For insurance firms, the customer journey is evolving in ways that would previously have been deemed impossible, and emerging technologies like AI have a key role to play in delivering exceptional experiences throughout the whole claims process.
Optimising every customer interaction, across every channel
The many faces of AI-powered customer service
AI Assessment from Exponential-e
Why Exponential-e?
AI has You Covered! Transforming Customer Service in the Insurance Sector
Even as an industry that protects against unforeseen events, the insurance sector has experienced its share of challenges recently. Numerous global events have hit all at once, including climate change, political instability, and changes to inflation and interest rates.
Real growth rate of gross premiums written in the life insurance sector in 2022
Increase in real gross claims paid by the non-life insurance sector in 2022
Source: Global Insurance Market Trends - Preliminary 2022 Data (oecd.org) (OECD, July 2023)
These unprecedented global shifts have come at a time when traditional business models are already being challenged through the rise of insurtech and new entrants to the market. Whether it is peer-to-peer or on-demand insurance, it is clear that driving innovation will be key to the sector’s future success.
According to IOT Analytics, by 2027 there will likely be more than 29 billion connected devices (sometimes referred to as the “Internet of Things” or IoT). These range from personal fitness monitors to telematics in cars and damp sensors within flats – all of which generate steady streams of actionable, real-time data.
Using this data to extrapolate overall, as well as individual, risk will have a significant impact on the way insurance is priced in the years ahead. It also has the potential to shift the claims process from reactive to proactive; in many cases insurers will be aware that a claim is forthcoming through automated analysis of these data flows. If you factor robotics (or ‘Robotic Process Automation’) into the mix, the alert coming from a connected device can trigger the claims process automatically, resulting in a faster time to resolution.
When it comes to Artificial Intelligence, or AI, the impact on the entire insurance process will be significant and widespread. There is already no shortage of data within the insurance sector, and data mining algorithms can be used to analyse and categorise risk at a level never seen before. Claim histories can analysed to spot the potential for fraud, for example. Similarly, using Natural Language Processing, conversations can be analysed to better understand where processes are going wrong to streamline operations.
So, what does all of this mean for insurance’s customer journey? Put simply, a lot… The increased financial pressure and advances in digitisation have placed the possibilities opened up by AI and automation front and centre for many insurance firms. Not only is there a need to ensure operations maintain the highest level of efficiency, customers also increasingly expect fully personalised, seamless, self-service experiences throughout every step of the claims process.
In this white paper, we will explore how customer service within insurance can be transformed by AI and other emerging technologies, starting with a close look at the customer lifecycle and bringing some (but by no means all!) of the possibilities to life through a range of examples.
