The insurance industry is currently in the midst of a digital transformation, a process that has accelerated with the entry of new players in the market, such as Insurtech. In this period of change, tools and technology such as robotization, Big Data or Artificial Intelligence (AI) are positioned as the perfect allies to achieve two objectives: automate tasks and improve the customer experience.

Inteligencia Artificial

Of all the tools or technologies we have mentioned, Artificial Intelligence is beginning to take on a greater role in insurance companies. In general, Artificial Intelligence helps companies to perform decision-making tasks with greater speed and accuracy, making fewer errors and saving costs. In the case of insurance companiesits main applications are the risk assessment and pricing, as well as customer care thanks to Machine Learning algorithms. Increasingly complex, they help to analyze the large amount of data available to these companies.

That said, insurers starting to introduce AI into their day-to-day work, can estimate much more accurately, for example, the probable costs associated with an automobile insurance policy and anticipate what happens thanks to predictive analytics. In this way, this type of technology will help to pricing taking into account the situation or the file of each policyholder company, so that the Front Office is supported by the Back Office for pricing decisions. Therefore, we could say that AI and Big Data go hand in hand, for example, in the digital transformation of insurers’ contracting processes.

On the other hand, another result of the main applications of AI is the improvement of the Customer Experience.
Customer Experience
. To achieve this purpose, some insurance companies are beginning to introduce
(software that is capable of mimicking a human conversation using AI/MachineLearning/BigData on the back end) within their policyholder services. For example, through these “chats”, we can answer basic questions (workshop addresses, renewal or expiration date of the policy, etc.), make arrangements (registration of a claim, change of policyholder, etc.) u offer information on other products. In addition, management will be much more efficientsince the chatbot itself directs the human operator to offer a better service to the customer, based on their CRM data and the need for which they have decided to contact the insurer.

One of the best examples of the efficiency of AI and chatbots could be found in a claim. The loss may occur at any time. The insured needs 24×7 attention as quickly as possible. A chatbot could speed up claim management, provide useful information from the outset, and even help to geolocate the accident site to provide faster assistance, for example, when sending assistance to the scene.

Through AI-based learning and text recognition, the chatbot could personalize the conversation it has with the customer. An insurance company handles a large amount of information on policyholders and their environment (e.g., through family health policies, home insurance or group life or accident policies), which are very useful to achieve the higher degree of customization in the “dialogue” between chatbot and customer. In this way, and as we have mentioned before, Artificial Intelligence would help to offer the customer other services that could be of interest to him.

In the latter case, the chatbot is a great ally for the sales forceThis could redirect the user to a landing page where the customer could take out the policy, sometimes even without the need for a human operator; and even if the sales opportunity did not close at the point of sale, the customer would still be able to take out the policy, sometimes without the need for a human operator. landing pageIf you are not in contact with him, you would have enough information to contact him through another channel.

In addition, in the future, messaging applications will allow payment without leaving the application. This advance will be crucial for sales, as it will make it possible to close a policy contracting process from the chatbot itself, offering the customer speed, convenience and efficiency in a process in which the user wants to invest as little time as possible.

The current digital context is the greatest ally of this technology. Nowadays people have become more and more accustomed to using the chat rooms of different applications to talk, instead of resorting to a phone call. For that reason, in the future, the use of these chats by an insurer will be of vital importance for its growth.