3 Ways AI Can Make Insurance Providers Smarter

15 January 2018 user General 0 Comments

Artificial Intelligence (AI) is giving all industries new ways to innovate faster and address pain points. We recently looked at the 3 biggest ways that better AI-driven BI tools can help insurance providers. AI provides new opportunities for insurance providers who have data at the heart of their business to catch up with other industries and improve customer experience while creating new business opportunities and improving performance. 80% of insurance executives believe AI will revolutionise the way they engage with their customers, but are often not sure where to start using this relatively new technology according to a recent Accenture report. At Veezoo we are working with insurance companies to help them to tackle strategic and operational challenges. We are doing this by building the first conversational artificial intelligence tool to analyse and visualise company data in seconds without requiring users to have technical skills.

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Today, an insurance customer can wait weeks for a claim to be answered. A sales or finance manager can wait even longer to get an answer from an analyst to understand business performance. Imagine if the insurance sales executives could see which customers need a policy to cover damages after a storm and which agents can help to sell this policy.

In addition to these examples here are the top three areas where our research shows that better AI-driven BI tools can help insurance providers:  

  1. The right business intelligence can improve an insurer’s top-line. Being able to more easily identify cross-selling opportunities with clients and to quickly start new targeted campaigns creates real business value.
  2. Allowing sales managers to more easily monitor the performance of their agents and actually understand their behaviour increases the effectiveness of the sales force, as they can more easily identify and replicate best practices.
  3. Equipping employees with intuitive data analysis tools can save money by reducing reporting backlogs. Users do not have to wait and can make quicker and better informed decisions. Controllers and reporting analysts can focus on more strategic work in addition to sharing data across functions.

All three use cases leverage data that all large insurance companies have readily available. Often they lack the right instruments to exploit it. The ability to increase access to information in an intuitive and actionable way and to use it for major strategic or daily operational decisions across an organization will be key to achieve sustainable competitive advantage.

Although insurance executives are generally interested in investing in data analytics that help them to better understand their customers and improve distribution, the industry is still slow in adoption. This is often due to the large size of their organization and risk aversion. Companies can more quickly innovate by collaborating with agile startups more able to pivot as needed to implement new technology. Early adopters will be better positioned to drive growth using AI or as one recent BCG report points out: “AI will fundamentally transform business. The best chance to succeed is to tune out the hype and do the necessary work. There is no substitute for action.” (BCG Henderson Institute). Therefore, our New Year’s resolution is to give more insurance companies the power to make better data-driven decisions. Take a look at our recent white paper to learn more.

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