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top-4-AI-uses-cases-for-digital-insurance

“70% of the most digitally savvy customers don’t have a single Mobile App for Insurance”

- As per our survey on Linkedin conducted among a group of digitally savvy customers to assess the adoption rates of Insurance mobile apps, only less than 20% of the customers have at least one insurance app. The results clearly indicate that the mobile app revolution was not a success when it came to the insurance space.

With declining mobile app downloads, leveraging AI as a part of their new digital strategy to provide channel agnostic digital engagement to customers is the way moving forward for insurance companies.

Engage with your customers the they want -

  • Ubiquitous presence - leveraging existing apps on a user’s phone
  • Frictionless self-service – using AI to improve operational processes to reduce cost to serve
  • Hyper-personalization – create context-specific customer engagement with Artificial Intelligence

Let’s look at some of the Top 4 AI use cases for Digital Insurance :

Personalized recommendations for policyholders

  • Cross sell and upsell add-ons by creating dynamic customer persona and providing recommendations as per customer behaviour and interests.
  • Automatically deliver personalized plans/quotes to policyholders based on customer journey context and past usage data.
  • New policy recommendations based on financial journey stage.
AI assisted digital onboarding
  • Self-service eKYC and document upload to fast track the onboarding process
  • AI based self-onboarding with OCR text extraction along with video, image and speech verification
  • Agent assisted online document verification along with customer registration and product selection.
Embedded customer service
  • Answer policy related questions with pre built models across motor, medical, travel and property insurance.
  • Enhance Self-service e.g. secure renewal premium payment over WhatsApp and other chat channels, update profile and add family members with ID scan and OCR based information extraction, request eCard with automated delivery through chatbots on WhatsApp, Facebook messenger etc.
  • Empower customers by automation related to FAQs about policy benefits and product locations without using overwhelming or lengthy documents.
  • NLP based chat and voice bots to understand context and provide relevant coverage and care advice through human like conversations.
AI based claim management
  • Hassle free claim filing (FNOL) with image embedded photo capture & upload.
  • Efficient claim processing with low error and manual intervention.
  • Instant coverage assistance with ecosystem partner linkage

Fast and simple customer interaction is the key to customer retention and creating customer influx for insurance companies. An AI leveraged digital strategy is hence the answer to transforming customer interactions.

Leverage AI platforms across channels like Whatsapp, Facebook messenger etc. and give your customer the convenience to reach you via existing apps that they are already using without having to going through the hassle of downloading new apps. Enhance customer satisfaction and provide a seamless customer journey through digital onboarding, hyper personalization and frictionless customer service across channels and languages, while drastically cutting the cost to serve customers.