TECHNOLOGY
Why customers love automated insurance In a nutshell , automation makes the customer experience much less complicated while increasing accuracy . The easier a process is , the more traction it has in the marketplace .
Brian Mullins , CEO and founder of The Mind Foundry , explains that automation technology is a logistic necessity . “ The amount of information currently available on customers has reached unprecedented levels and humans can ’ t process it alone . AI enables insurers to uncover subtle patterns in data , giving human insurance agents insight into emerging trends , opportunities , and threats .”
He states that though the benefits of these huge data sets are widespread , most important of all , they enable insurers to offer hyper-tailored and flexible products . “ For instance , an insurer might provide information on the safest route to take to work , or how and when a customer should drive to reduce risk . Taking this one step further , usagebased insurance ( UBI ) in car insurance uses the driver ' s realtime location to cover them on-demand , offering a price adjusted for the risk they incur in the moment . For example , companies like Marmalade allow their customers to add temporary users to their car insurance for a specific length of time .”
“ Automation can speed up interactions between the insurer and the insured , make sure that nothing is missed or delayed , and ensure that the insured is not repeatedly asked for the same information at multiple steps in their journey ,” concurs Donnelly .
“ The amount of information currently available on customers has reached unprecedented levels and humans can ’ t process it alone ”
BRIAN MULLINS CEO AND FOUNDER , THE MIND FOUNDRY
112 September 2022