AI Development for the Insurance Sector
The insurance industry is facing disruption from all sides – increased competition, distribution challenges, customer expectations and heavy regulation. Whilst some insurers and brokers have made the move towards automation, in the main, insurance delivery is still a largely manual, high touch process. Therefore, it is easy to see the business case for how AI can achieve key objectives:
- Streamlined, user friendly, low touch application and distribution processes
- Responsive underwriting and delivery
- Personalised policy development that reflects individual risks
- Better understanding of emerging risks and drivers
- Personalised relationship management
- Improved customer outcomes, experiences and enhanced trust
The race is on
Innovators in the insurance market have been gearing up for the AI revolution for some time, realising the need to enhance and personalise the customer experience through the use of social data, business intelligence and insight to understand needs, sentiments and buying triggers, where gaps in cover lie, and where emerging risks will come from next.
For these trailblazers, investing solutions at the forefront in the AI evolution enable them to not only understand but predict what customers need using natural language processing, machine based learning and behavioural analytics to infer behaviours from millions of sources, opening up the possibility to accurately anticipate needs, personalise interaction, tailor policies and innovate underwriting development. But what next?
The virtual assistant (or bot) recommending policies and solutions based on in-depth segmentation modelling of customer needs, life-style choices, risk drivers, spending patterns and day-to-day behaviours, automating policy application and claims processes. The possibilities are endless, and the results for those investing in the evolution of AI profound:
- Improved efficiencies in terms of new business (quote-to-bind), renewals and claims handling
- Personalised customer experiences throughout the policy lifecycle
- Faster decision making and improved distribution
- Tailored underwriting (perhaps even automated) and accurate assessment of risk
- Early identification of emerging risks and faster speed to market with new products
- Identification of new opportunities (standard and non-standard lines of business) and new revenue sources
Sounds like something out of science fiction, but the AI evolution is upon us and insurance companies are ripe for AI disruption.
Artesian is at the forefront of AI development for the insurance sector:
The latest release from Artesian includes an Artificially Intelligent ‘Insight Agent’ – the first step in a series of intelligent chat bots aimed at automating many of the tasks carried out by B2B insurance professionals daily. With the use of Artificial Intelligence techniques such as advanced natural language processing and behavioural analytics, Insight Agent monitors an individuals or company opportunity pipeline, continually looking for triggers from over 1 billion news and commercially relevant social media articles every year, learning and filtering based on individual user requirements. This allows it to deliver commercially valuable and immediately actionable insights, telling the user what they need to know and what action they need to take. The result is a step change in commercial productivity and customer engagement.
A significant stepping stone towards an AI future, it’s the culmination of months of behind-the-scenes R&D based on an incredibly rich understanding of the enterprise B2B landscape through the eyes of some of the biggest and most influential insurance organisations in the world (Willis, Bluefin, Towergate, JLT and Lark to name but a few). Understanding what their future looks like and where the biggest gains can be made in terms of more informed decision making, underwriting development, distribution, sales, marketing and customer engagement strategies.