What are the benefits of AI-powered insurance platforms?
Artificial Intelligence (AI) is more than just a buzzword: it is a new, innovative approach to driving digital transformation in insurance.
AI-powered technology platforms can help streamline insurance claims, processes, and workflows. With AI, you can significantly reduce the time and effort spent on manual labour. Insurers can thereby process and pay out claims faster and more efficiently.
AI has the capability to analyse claim forms and documents, conduct a visual data search of images and video, and compile these elements into detailed reports. It offers insurers the opportunity to transform their business functions and disrupt the market.
What are the top 3 benefits of using AI in my insurance agency[?
1. AI increases the efficiency of workflows. AI increases the efficiency of workflows for insurers. It helps boost the productivity of staff who would ordinarily spend a large portion of their time on mundane, highly repetitive tasks. For example, AI can step in to process claims and data, schedule meetings, answer basic customer queries, and take meeting notes. This frees up staff for more specialised work.
2. AI drives business transformation. AI is not only a helpful tool that drives efficiency, but a key driver of business transformation. Integrating AI into your core business offerings can boost the productivity of your team and improve customers satisfaction due to faster claims processing. AI solutions offer a clear road map for improvement in specific areas such as operational KPIs, claims, underwriting, and data flows.
3. Gen AI is a gamechanger for insurers and underwriters. Generative AI (Gen AI) can be scaled to improve internal systems and processes. For example, a Gen AI platform that generates responses to customer service queries can redirect customers to the right place. Gen AI can also handle IT support queries, marketing content creation, and legal document drafting. Gen AI is a gamechanger for insurers wanting to get ahead.
Why is it important to embrace AI?
AI is here to stay: AI is here to stay, and insurers must embrace it to remain competitive in the market. The modern AI technology stack for insurers is very modular and flexible, helping companies cope with rapid change. It is already being used in insurance marketing, pricing, underwriting, claims processing, fraud detection, and customer service. AI is also being used to streamline internal operations and systems.
AI helps you analyse customer needs: AI helps insurers to develop innovative business offerings based on emerging risks and shifting customer needs. By carefully analysing market trends, data, and customer needs and/or feedback, AI can both identify gaps in your current offerings and predict future demand for your services.
AI complements core insurance functions: At its heart, insurance is about gaining a comprehensive understanding of the underlying risks impacting people, while empathetically assisting them with their concerns. AI can transform the core business functions of insurers by:
· Boosting claims and sales efficiency
· Automating and improving the accuracy of underwriting
· Augmenting claims management
· Using voice agents for customer service operations
· Transforming back-office operations such as finance, actuarial, and IT
Employees may feel worried about their job security as companies adopt AI technologies. However, AI will create opportunities for staff to upskill and take on new roles and responsibilities. Embedding AI into workflows requires cultivating a clear understanding how AI will help people perform their jobs better.
Humans will continue to be involved in different business functions of insurance; particularly those that include touchpoints with customers. AI is not designed to replace human beings, but to free up their time for higher-value service offerings like meaningful customer engagement.
How can Gratex help?
At Gratex, we are insurance underwriting and technology experts. Our mission is to drive digital transformation for underwriting agencies across Australia and New Zealand. We provide customers with the freedom to grow and the agility to innovate.
Find out how we can help your underwriting agency embrace AI technology and automation with our industry-leading platform, UPM+ Cloud.