Digitization is not enough to represent the technology era we live in. Automation also requires equal weightage as all modern technologies do not merely serve the purpose to set up a strong online presence. Beyond that, they facilitate companies with streamlined and automated business operations.
One of such technologies that offer an amalgamation of digitization and automation is Artificial Intelligence (AI). More than technology, AI holds a human touch and treats the users as friends by assisting them in real-time. The renowned examples of AI are Google Assistant and Siri that are easily accessible on our smartphones.
Now, the technology is looking forward extreme commercialization by developing robust web and mobile solutions for diversified industry domains. Embracing AI, businesses are reforming their workflow and making the processes simplified, automated, efficient, and cost-effective. Insurance is one the sectors that are leveraging all the futuristic benefits out of this ubiquitous technology. Various insurance companies are reforming their business processes and accomplishing their dreams of improved bottom line by integrating AI systems into their operational landscape.
How Is AI Reshaping The Insurance Industry?
Insurance is a service industry where customer satisfaction is the prime necessity and not a choice. It is one of the industries that contain several repetitive processes. While performing the repetitious job, there are chances of human errors, dependencies on staff, accuracy, etc. All such cases raise serious issues for insurance companies as well as customers.
Introducing computer generated solutions like web or mobile applications, the industry has started revolutionizing its traditional work patterns. Enabling consumers with online insurance management, insurance companies are experiencing improved client satisfaction and enhanced productivity of the work force.
"74% of consumers say they’d be happy to get computer-generated insurance advice." - Accenture
AI adds value to the customer experience by allowing them to get real-time support for any concern. Additionally, it simplifies various operations of the insurance organizations through advanced process automation. Let’s understand how artificial intelligence automates the insurance value chain.
The most tedious job in an insurance firm. Most of the companies are still following the outdated manual process to manage the claims submitted by customers. It creates an issue of dependency. If the particular staff member (who performs this job) is not available, then the claim request would not proceed further. The result is agents have to deal with increased workloads and frustrated customers.
Amalgamation of artificial intelligence with other advanced technologies automates several processes of claim management such as generating claim reports, customer communication, capturing the images, audit the system, etc. AI effectively manages and processes a large amount of insurance data as well as generates insightful reports that enable companies in making strategic business decisions.
Avant-garde AI algorithm learns the data patterns of the company and helps in recognizing the fraudulent claims in the process. Having self-learning capabilities, the technology adopts the new unseen cases and accordingly improves the detection over time. Machine learning is an essential and integral part of AI technology that helps insurance companies in detecting frauds and identifying repair costs.
Chatbots, the most booming technology of this era, enable businesses to serve the customer instantly by addressing their issues and queries in real-time. It gives a powerful platform to the companies where they can directly interact with the consumers and facilitate them with fast responses. Moreover, chatbots help service experts of the organization in managing the low-value tasks and maintaining their routine.
Chatbots analyze the man-bot interaction and used the data to improve customer satisfaction. Gradually, the bots learn about the common issues faced by a wider customer base and accordingly enable users with the appropriate automated responses. Thus, customer service representative can utilize their valuable time in resolving complex issues. Eventually, chatbots deliver a quality experience to the customers.
Also Read: Why Should Your Business Use Chatbots?
Harnessing the power of chatbots, insurance companies can serve the customers with quality services by allowing them for real-time interaction. AI technology also helps organizations in identifying the customers’ profiles to deliver the customized insurance services and products as per their specific needs.
The process of underwriting involves invasive surveys and questions that help companies in dictating the premiums. With the help of AI, the entire workflow could be automated. AI-based bots could scan the social profiles of customers from LinkedIn, Facebook, Twitter, etc. and identify the patterns and trends users follow.
While compared to a human, the AI-based system can analyze the data in a better way and predict the customer risks more accurately. Thus, insurance companies can provide the right amount of insurance to the customers and protect the firm from risky consumers.
Marketing and Selling
Insurance is one of the highly competitive markets that run by following the traditional work pattern. To engage the customers, they do cold calling and pitch the products or services to them. Well, today we have to deal with modern consumers who are expecting a personalized approach in each of their interaction with the company.
AI systems help companies in creating the customer’s profile and offer them the most relevant insurance products and services in order to deliver them the highly personalized experience. Machine learning empowers AI to analyze a large amount of data from various resources of human emotions and behavior. By identifying customer’s preferences, insurance firms can provide the most relevant products and services.
Moreover, with the help of artificial intelligence, companies can easily identify the target market. They can make a strong marketing strategy and send customers meaningful promotional messages. Thus, it drives more engagement and conversation. It helps companies in improving churn probabilities and customer satisfaction.
Gradually, AI systems are adopting the human capabilities that could automate many of the repetitive business operations of the insurance industry. It helps companies in streamlining the various stereotype functions. Moreover, the technology boosts up the internal processes of the company and helps the staff in suggesting new coverage for the client, searching solution to improve the existing policies, and cutting down the time spent on routine tasks.
Having exclusive experience of working with diversified industry domains, Intuz can develop futuristic mobile applications powered by AI-based systems or tools. We work closely with your team to deliver a robust insurance solution that enables your staff to deliver high-quality work with enhanced efficiency. Utilizing our proven expertise for AI and mobility, we can develop extremely customized mobile solutions for insurance sector that improve the productivity and bottom line of the businesses and enhances the client satisfaction.