The insurance industry is well known for the health and safety benefits of wearables and other IoT-connected devices. But meeting new customer needs for protection goes beyond collecting user-generated data.
What matters now is how an insurer and its ecosystem partners use the data shared with them by the customer. And whether they have the right mix of talent and technology to optimize the deployment.
Analytics capabilities, including predictive and prescriptive analytics, can enable data-driven insurance quotes in real time. Known customer behaviors and preferences can influence these offerings, pushing the insurer beyond limited customer attribute data such as demographics and income.
AI-led transformations in insurance
There are several examples of these types of AI-led transformations in the industry. One such example from the Efma-Accenture Innovation in Insurance Awards is AXA Asia. Her empathetic AI-powered chatbot Emma provides personal assistance and guidance to customers that use natural language conversations to aid customers’ overall wellbeing.
Mitsui Sumitomo Insurance Group (Japan) is another. Your MS1 brain, which combines the strengths of humans and AI – where AI works together with agencies – to drive a customer-oriented sales process. The solution collects, analyzes and uses various customer information in order to understand exactly the needs and offer the most suitable products.
These types of real-time customer-centric experiences are becoming the norm. And demand for them will increase among commercial customers and group service customers as they meet the demands of new employees.
Optimized AI + employees
In their book Human + Machine, Paul Daugherty and Jim Wilson write: “For years, the dream of many researchers was to develop an artificial intelligence that could compete with that of humans. However, we see that AI is instead becoming a tool to expand our human capabilities. “
The face of the electorate is not binary. It’s not about whether humans or machines are better suited to managing risks. Freight forwarders need to take a mixed approach, asking how best to use machines to help people provide the most engaging and efficient service to customers.
Our Insurance Consumer Study 2021 shows that pure machine interaction was classified as the least attractive option. Less than 10% of consumers say they enjoy working with a robot when making a claim, applying for a loan or mortgage, or asking for advice on products and offers. Human interaction ranked second, with trust in human advice in the office falling between 2018 and 2020. Human interaction, informed by AI, ranked first.
As technology, new risks, customer expectations and competitive pressures change the industry, insurers need to rethink their work, people and workplaces. This requires a mindset shift that goes beyond incremental changes – redesigning the work and roles in an insurance organization to better serve customers.
To learn more about consumer preferences and trends in insurance, read our Insurance Consumer Study Report.