How is AI boosting personalising sales ? And do embedded insurance offerings help with bespoke sales offers ?
TECHNOLOGY
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How is AI boosting personalising sales ? And do embedded insurance offerings help with bespoke sales offers ?
René Schoenauer Embedded insurance in and of itself will not necessarily result in more personalised offerings , but we certainly see the increased availability and use of connected devices as offering opportunities for better tailoring of insurance products to customer ’ s needs .
AI will have a role to play here in that the data from devices will need to be analysed , and in some instances , different levels of cover may be activated based on the location of a car , for example , or whether someone is at home or not .
There is also a significant opportunity to go beyond insurance , if insurers can achieve the level of data analytics capabilities necessary . For a customer , preventing a loss event is even better than quickly and efficiently resolving one .
Through the use of sensors and AI , insurers have an opportunity to , for example , detect and stop a leak from becoming a major issue , or identify when a car is about to break down and needs a service .
In doing so , things that would cause major disruption end up being fairly routine fixes , letting the customer get on with their lives and leaving them much happier than had the loss event happened .
76 December 2023