Transformation to Digitization of Insurance: How AI is helping to give an enhanced user experience to the customers

By Rakesh Goyal – Director of Probus Insurance Broker

In today’s time, the success of any product depends on several factors. It is not only a combination of the right marketing strategy, product placement, or elevator pitch but also unleashing the immense wealth of customer-oriented data. This data can be used to derive meaningful insights, which can be further leveraged with the help of Artificial intelligence (AI). It is a mammoth technology, and companies are still discovering & learning to use it to its full potential.

Talking about the contribution of AI to enriching the customer experience, this highly innovative technology can be used to learn more about customers’ habits of consuming a product and use that information to teach the system to enhance product placement for them. AI can be beneficial in many ways, and one such application which has been vastly observed in the past few years has been in the insurance industry.

In this article, let us explore how AI is helping the insurance industry connect better with customers and offer them an improved experience.

Personalized Customer Experience

Implementing AI into the insurance system makes it possible to offer a tailor-made experience and value-added service to customers. These experiences can be in the form of AI Chatbots or virtual assistance. Furthermore, Machine Learning with AI can help conduct deep analyses and predict customer issues that may often occur. The customer’s temperament could be studied, and the current operational process could also be upgraded. Personalized insurance products and device-friendly platforms can therefore be created with the help of the accurate implementation of AI.

Product Positioning

When on the Internet, it is always fascinating to see an ad or a post that we can resonate with. It is a common practice to study customer data and deliver marketing strategies that would cater to a customer. This way, the customers know that the company understands their needs and the overall market well. It brings substance to a company and its products. It also makes the user experience very easy as you are shown what you desire, and you can own the same in just a few clicks.

Customer Sentiment

AI can convert important features into variables that enable the system to predict some essential elements such as customer satisfaction level of the services offered by the insurers or have a complaint without the need for any survey scores. This technology can gather data without bombarding the customers with massive surveys. Personas are created basis a customer’s digital footprints, and the AI can gauge a pattern if any. These insights can help in shaping long-term & short-term actions to ensure customer retention. Furthermore, AI-based analysis can also help in underwriting data, fraud detection, creating easily integrated APIs, generating highly efficient and accurate stats of risk profiles, auto-renewal reminders, and more.

Reduced Human Error

AI has drastically reduced human intervention in the overall customer experience and in-depth data-driven analysis. AI can serve customers in the most efficient and optimum way. The solution and the actions taken are succinct and have less margin of error compared to a human trying to help multiple customers at once or analyzing the data to create a new market and product placement.

Also, the inclusion of AI into the insurance processes has created more transparency for the customers, thereby ensuring trustworthy relationships with the customers.