The emergence of artificial intelligence is a result of availability of huge amounts of data with enterprises and development around big data & analytics. Big data led analytical models is helping organizations to predict outcomes and deploy artificial intelligence to perform cognitive tasks hitherto performed by humans with their ability to learn, decode, think and solve problem in real-world scenarios.
Today, it is possible for digital assistants will engage to identify customers using face and voice recognition. Insurance companies with AI-powered solutions are poised to increase revenue by accurate risk prediction, speedier processing, faster delivery of claims settlement and reduced premium offered to customers.
A Gartner reports predicts that 85% of customer interactions will be managed without human intervention by 2020.
Another estimate by McKinsey, the insurance industry can witness a potential growth of $1.1 trillion, if there is full deployment of Artificial Intelligence.
AI for the Insurance Industry - The Why & How
Artificial intelligence with its multi-faceted functionalities including machine learning, natural language processing, intelligent process automation, text analytics, audio, video and image analysis has huge potential to transform the way insurers deliver services and offer superior digital experiences to customers.
It is quite natural for insurance industry to use AI for better and precise risk prediction. The ability to assess risk is critical for insurers as they largely depend on it to craft their insurance solutions. Moreover, AI plays a vital role in in all areas of insurance business including product design, claims settlement, along with cross-selling opportunities.
Automated claims evaluation process both saves time and cost to the insurance companies and offers hassle free claims process to customers by simply accessing their mobile app to upload the picture and videos of accidents and damages.
Based on customer interactions and data gathered, these next-gen digital sales advisors can suggest most relevant products to the new buyers and create cross-sell opportunities for existing customers. Insurers can offer personalized offerings to customers based on their needs and lifestyles - thereby, creating new avenues for customer retention.
Kofax AI-Powered RPA - A Use Case in the Insurance Industry
An insurance company used Kofax RPA-powered solutions to revolutionize how it manages millions of contracts and thousands of claims, reducing adjudication times by more than 75%, boosting productivity by 30% and improving customer satisfaction by 15%. With Kofax RPA, the process from claim submission to payment became faster and more accurate.
Thereby, the company could leverage RPA to scrape information from multiple sites, instead of manually browsing and documenting, and move the claim through the adjudication process quite efficiently and in no time- resulting in enhanced productivity and faster delivery of service, for an impressive customer experience.
The Future of AI in Insurance
AI-powered systems offer tremendous opportunities for Insurance companies in times to come helping them create a more personalized and exclusive product designs by leveraging the abundance of data and data analytics models. Insurers can increasingly offer products which are flexible rather than fixed or one-time, on-demand solutions as well as pay-as-you-go insurance.
With automated insurance offerings insurers can offer seamless premiums to customers that can automatically adjust according to the accidents and customer health conditions. With better implementation and deployment of AI solutions insurance companies will attract higher number of customers that are more engaged and brand loyal.
Espire being a digital and CX transformation expert, is enabling Insurance companies worldwide to revamp their digital experience management and CX strategy, resulting in up to 20-30% increase in revenue with new digital channels.
MORE FROM OUR BLOGS
Designed a scalable Analytics and BI Platform for a leading UK-based Mutual Insurance Company
The client is a leading UK-based mutual insurance company, which provides general insurance products to the members of the trade union and other not-for-profit organizations. Due to the constraints of their existing legacy architecture, they were looking a modern web-based architecture which could seamlessly integrate with multiple in-house applications being used by their different departments.
Delivered end-to-end product development and infrastructure management services for a leading Australian wealth management ISV
The customer required a technology partner for delivering product support, maintenance and enhancement services. Espire helped the customer maximize its geographical footprint and diversify their business by providing full spectrum product development using SOA, product testing & QA services. We assisted in product development services/ new feature development for the upcoming product versions in the latest J2EE technologies using SOA and incorporating the same to the existing application framework in Sybase/ PowerBuilder. We also provided complete infrastructure management support services for issues related to the servers, network equipment and desktops
Carried Out Automated Performance Testing for a leading South America-based BPM solution provider
The need was to improve the speed, quality and functionality of the deployed software. Espire conducted automated performance testing to analyze and emulate the environment as well as customize the scripts for parameterization and checkpoints before being executed in the load runner. The Load Runner was used for recording the test scripts with different sets of parameters, based on the customer’s pre-approved scenarios. A detailed analysis report was prepared to sum up the results of the scripts run
Developed a platform agnostic web-based application for a leading resilient hosting and connectivity services company
The customer required a strategic technology partner to design a web-based application to streamline operations. Espire designed and implemented a platform agnostic web-based application for efficient data management and reporting. The tech solution improved customer service by reducing the response time by 50%, creating greater transparency and control over cost. The re-usable automation frameworks improved employee efficiency while controlling defects and reducing financial leakage
Designed a cutting-edge n-tier Web application for a UK-based multinational bank
The need was to develop a platform with advanced reporting tools. Espire designed and implemented an n-tier web application based on advanced reporting tools and distributed systems for accessing deep insights, efficiencies and effectiveness of the sanctions screening program. The tool was able to visually portray the efficiency and effectiveness of the program as well as coverage and accuracy of these systems. It easily developed Flash-based graphical reports which provided a high level of visibility of the ongoing projects and future projections for the business
Accelerating digital experiences with powerful ui ux for leading industries
UI & UX has emerged as a mainstay when it comes to offering an engaging and easy-to-navigate website/user interface to users. A careful UI/UX design strategy can help in transforming the way organizations interact with their customers as well as their employees by making the platform more streamlined, agile, proactive, easy-to-use and intuitive. Moreover, it can help in increasing user retention, engagement, conversion rates and eventually better ROI.
Espires top 10 webinars for fy20 21 a win win for us our partners and customers
With FY20-21 in hindsight, in this blog, we share a list of Espire’s top 10 webinars from the past financial year that resulted in win-win for us, our partners and our clients!
How has the logistics industry reshaped in new normal and roadmap ahead
Logistics industry has been undergoing a rapid boom initiated by globalization and catapulted to new heights by new means of communication and rapid advancement in supply chain technologies. However, the new normal as we face today is shaping the logistics industry in newer ways.
Importance of ai strategy for brands in the post covid world
Tech-savvy customers, increasing digital demands, growth in digital purchases, need for speed to market and elevated customer expectations have made it crucial for brands to plan, devise and roll their AI strategy in the post COVID world scenario to both remain competitive and provide superior customer experience.
Technology trends disrupting insurance in the new normal and way forward
Content with legacy models, insurance leaders appeared as late adopters of the digital boom that has resurfaced with digital transformation and evolution of disruptive digital technologies- led by artificial intelligence, data analytics, predictive modelling, blockchain, Internet Of Things, intelligent automation and machine learning