CUSTOMER EXPERIENCE ( CX )
“ FOR MOST CONSUMERS , INSURANCE IS STILL A ‘ GRUDGE PURCHASE ’ – BUT SIGNIFICANT
LIFE EVENTS OFTEN HIGHLIGHT THE RISKS THEY FACE ”
RUSSELL CORBOULD-WARREN VP INSURANCE EMEA AND ASSERVO , COVER GENIUS
The impact of AI on embedded insurance Artificial Intelligence ( AI ) is increasingly becoming a pivotal force within the insurtech world . “ AI is a growing force within the insurtech world ,” says Marat . “ The benefits span everything from fraud detection to improving the overall customer experience . We ’ re already seeing an increase in chatbots that provide 24 / 7 support to customers , and they will likely begin to include even more personalised guidance as AI evolves , utilising customer data and previous interactions to create a more seamless , customer-centric experience .”
AI enhances insurance operations by automating tasks , improving efficiency and reducing costs . “ For instance , AI in the initial claims assessment phase can determine a claim ’ s validity or prioritise urgent cases , fast-tracking them for quicker resolutions ,” Marat adds . The capability of AI to process vast amounts of data is crucial for achieving hyperpersonalisation . Embedded insurance already allows for real-time dynamic pricing , but moving forward , AI will process more data to price policies more accurately . “ Ideally , this means insurers will be able to offer customers far more tailored products at a fair price , with the right coverage to meet their specific needs .”
Moreover , AI will enable insurtechs to keep up with rapidly evolving consumer technology preferences , ensuring convenient and seamless experiences .
142 September 2024