How can insurers use Artificial Intelligence in sales and distribution?

How can insurers use Artificial Intelligence in sales and distribution?
  • Elevated and intelligent customer engagement
  • Smarter lead allocations and streamlined workflow management
  • Better customer insights and segmentation with Machine Learning
  • Tailored services through customer personality analysis
  • Real-time data tracking and reporting
  • Target based marketing and policy promotion through automation
  • Faster cycles through intelligent self-service and automated answering
  • Automated product recommendations
  • Automated data extraction from the various documents submitted and compare the same with the policies
  • Enabling technical and non technical insurers to run data analysis automatically, thereby allowing the managers and decision makers to focus on other aspects of the business.
  • The entire process of underwriting is completed within seconds thanks to the automated systems [using a combination of ML & AI tools that are built within the technology stack].
  • Offering seamless digital experiences to the customers
  • Utilising virtual assistants and chatbots to ensure there is constant interaction between the customer and the company- be it to resolve queries, or provide insights/information.
  • Automating systems and offering consistent service across digital/offline platforms/channels.
  • Automated data extraction from across documents and compare the same with policy options.
  • Generate better and appropriate product offerings
  • ML/AI insights for customer segmentation
  • Automated promotions to target audience Customer analysis- behaviour, lifestyle and personality
  • Interactive & intelligent customer engagement
  • Balanced workload and better lead allocation
  • Automated product recommendations & natural language answering
  • Enabling intelligent self service & research features for customers
  • Intelligent reporting.
  • Personalized & flexible pricing along with products & services
  • Faster understanding of product to market need
  • Adopt new marketing channels with customized campaigns
  • Boost in lead generation
  • Improved opportunities for cross and up-selling
  • Top notch service
  • Extracting insights from various data sources
  • Automated analysis of demand and new product generation process.
  • Enhanced pricing & policy rating, along with personalization
  • Natural language question answering for employees.
  • Efficient underwriting processes
  • Improved insurance sale and customer retention
  • Better risk evaluation reports
  • Understanding of all emails & requests related to a policy
  • Automated call centre and web support service
  • Virtual assistance to resolve queries from customers
  • Unstructured data to be processed
  • Enhancing the efficiency of the administration processes
  • Improved analytics & insights
  • FNOL with real time query resolving service
  • Automated damage assessment and pre- assessment of claims
  • Automated fraud detection system during claims process with data analytics
  • Augmentation of loss analysis
  • Streamlined claims processing- management and administration.
  • Improved fraud detection
  • Skill mapping against the resumes received with the job description
  • Analysis and prediction of candidate match through automated selection system
  • Using hireability metrics against and online assessment tools.
  • Conversion rates to be optimized
  • Increased matching of profiles and offer acceptance

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store