Experts predict that artificial intelligence (AI) could transform insurance customer service and personalisation, with 75% of executives believing that AI will transform or significantly alter the industry in the next three years.
The ability for AI to enhance existing tasks like customer service with technology such as ‘chatbots’ in messaging apps truly showcases the potential of AI development. With 53% of insurers already integrating intelligent technology into one of more business processes, artificial intelligence is proving to be insurer’s perfect accessory.
Faster Customer Service
Continual advancements in technology are allowing insurance companies to transform customer interactions online with technology such as chatbots. Using chatbots which simulate human interaction means that businesses can assist policy holders with troubleshooting, 24/7. Whilst there have been concerns in the industry regarding loss of jobs due to the impending AI takeover, tools such as chatbots can enhance the customer service experience in collaboration with existing roles. With AI dealing with menial tasks such as common policy queries, customer care workers can use their time more efficiently by concentrating on more complex concerns.
In other industries, streaming services such as Netflix and Amazon Video currently use AI technology to improve their user experience by recommending items based on what the customer has previously watched or searched. This technology can also be applied to insurance whereby AI can analyse data and adapt in real time to offer services which match each customer’s specific needs.
AI will allow insurance companies to analyse customer behaviours and patterns and use the data to deliver more personalised content. By using AI powered algorithms, insurers can offer consumers customised policies based on their spending habits, lifestyle and online behaviours. Chatbots can also assist with creating a more personal customer experience, whereby they can reference specific policy points and provide relevant information from an entire customer lifecycle.
Improved Fraud Detection
Insurance fraud cost the UK £1.3 billion in 2016 with the number of dishonest claims estimated at 125,000. Fraud puts beneficiaries’ health and wellness at risk, and AI has the ability to combat the volume of false claims. AI algorithms have the potential to analyse data on a huge scale, and could help to detect similarities, inconsistencies or patterns in claims that may be fraudulent. By routinely analysing huge volumes of data, AI technology can save businesses time and money with the potential to automate and simplify operations.
Robison is an independent business and personal insurance broker based in Petersfield, specialising in bespoke insurance to fit you and your business’ needs. We have provided advice and services for businesses within Hampshire and the surrounding areas since 1982, providing friendly customer service, value for money and advice from trained professionals. If you’re looking for an experienced, professional broker who is innovative in providing you with the right programme of policies, our team can offer tailored advice and services no matter your requirements. To arrange an audit, call our team on 01730 265 500 or email us at firstname.lastname@example.org.