Artificial intelligence in insurance — Trends that matter — Part 2 of 3

The first part of this three part blog on Artificial Intelligence (AI) looked at: Behavioural premium pricing — the first of three key trends in Artificial Intelligence (AI) that insurers should bear in mind on their digital transformation journey. In this second part of the series, we will consider customer experience & coverage personalisation and see what importance it holds for the insurance industry.

Customer experience & coverage personalization:

The implementation of AI in insurance will enable customers to have a seamless and automated purchase experience. The ability of chatbots to access and use the location as well as social demographic data of customers during their interactions will give customers a highly personalised buying experience. The use of AI will also allow insurers to provide customers the option of personalised customisations for specific requirements (on-demand insurance).

AI interfaces enhance the buying experience for customers

The interfaces that characterise the use of AI in insurance ensure that the customer will have an enhanced insurance buying experience:

  • Recognition by chatbots: AI technology such as chatbots will be able to use advanced facial recognition and social data to identify the individual and be able to draw on available data to personalise the conversation accordingly.

Utilising AI to redefine insurance

  • Insurance with a selfie. In January 2017, the world was surprised to learn that life insurance can be bought by using a selfie. As habits like smoking are strong indicators of a person’s lifespan, a life insurance start-up, Lapetus decided to use facial analysis to rapidly assign risk scores without a lengthy or onerous medical examination. The approach that they used is called SMILe (smoker indication and lifestyle estimation).

Leveraging on inherent technical experience and expertise along with a deep understanding of client requirements, Neutrinos offers in-built capabilities for the adoption of emerging and futuristic technologies such as IoT, AI, ML, and more. Some of our insurance clients are already implementing and benefiting from our bespoke solutions, across the world. We would love to set up a 30- minute conversation for a walk- through and hear your specific requirements. Talk to our experts today!



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