AI, AI, AI. The impact of the technological breakthrough of Artificial Intelligence has been noticed within the insurance industry and it’s evident that it has the power to cut off chunks of your work hours to free yourself for more strategic tasks. AI helps agents do things better, quicker and more efficiently.
AI solutions have the capacity to pull in customers data and create profiles that can simplify the process of targeting. An agent can take advantage of chatbots ability to scan individuals’ social profile to find trends and lifestyle patterns that can determine the type of insurance products that will suit them. This way, it is easier and faster to provide customers with the perfect amount of insurance, as well as protect companies from risky and un-insurable customers. Effective chatbots can drastically reduce the amount of time agents spend speaking or chatting with customers. LeO’s personal insurance assistant is fantastic at answering basic questions, renewing policies, collect information and relevant leads, and making sure that customers are adequately covered.
Claim management is another aspect of insurance where Artificial Intelligence can make real impact. This is one of the most complex aspects of insurance but with AI, a lot of time can be saved. By automating some of the handling processes, claims can be fast-tracked. This will save the insurer precious time and improve customer experience.
Zurich Insurance Group of Switzerland introduced AI in their claim department in the UK. The remarkable result was that it took 5 seconds to review pages that normally take around 58 minutes to review. What this means is that they will be able to save up to 39,000 hours of claims handling capacity annually using AI. In financial terms, they will be able to save $5 million that could have been used to pay humans that are prone to mistakes AI can avoid.
A Japanese insurance company, Fukoku Mutual Life Insurance started implementing AI in their claims department too in 2017 and they believe the system can save around £1M a year.
Effective chatbots can drastically reduce the amount of time agents spend speaking or chatting with customers
AI can also be very efficient in detecting fraudulent claims, a pain that many insurance companies deal with. These technologies generally have self-learning abilities that let them adapt to unseen cases to increase their ability to detect accurately.
With historical data and other information like images and sensors, AI can assess severity of damages and predict repair costs. Shift Technology offers real time alerts for suspicious cases and provides a framework to detect fraudulent networks.
Think about the travel time you spend on meeting potential clients, followed by hearing yourself repeating the same answers over and over again, for their very reasonable yet repetitive questions. AI solutions offer easy, 24/7 responses for frequently asked questions, while collecting information needed for you to continue the sales processes in a short, yet professional fashion.
Artificial Intelligence has come to stay. It has already revolutionized processes in different industries and insurance is only one of many that will benefit from it. For more information on how you can implement and take advantage of artificial intelligence to save up to 80% of your work time for customer service, click here to instantly run your free chatbot for your insurance business, it only takes 5 minutes.