Insurance companies face a huge number of claims, customer queries and large amounts of diverse data. With all these demanding and manual processes, the insurance industry needs to expand their technological capabilities so that they can do business faster, cheaper and more securely.

According to the PWC 2019 Zambia Insurance Survey, the inability of the insurer to collect premiums that are written out based on credit terms was one of the major issues affecting the insurance industry. Among the identified contributors to this problem is the lack of investment in technology resources.

Let’s look at some of the opportunities that artificial intelligence (AI) presents to the insurance industry.

Sales and Marketing

By leveraging the data from customers, insurance companies can be exposed to information on what potential leads are most likely to buy. This information is important in recommending useful products to customers and for pricing insurance policies more competitively and relevantly. Having a comprehensive picture of customer’s insurance needs can help sales teams to segment their audience and engage in win-win conversations which can eventually lead to a purchase. This further increases the appeal of insurance to a wider range of customers, some of whom may then purchase insurance for the first time.

Chatbots

With the numerous customer queries, chatbots can be developed to understand and answer customer queries across a breadth of different platforms. Chatbots can offer an efficient and readily available customer service 24/7, hence enhancing customer experience. 

They can also facilitate a purchase, check billing information and help connect a customer to the service that they need. This can significantly free up time for employees who are left to deal with the more complex customer issues. Chatbots also help insurance companies to save resources which they can deploy towards more profitable activities.

Claims Management Process

From filling in claim forms, medical reports, incident documentation to repair estimates, insurance processes are time and labour intensive. There is a lot of time spent on evaluating the validity of a claim up until a decision has been made.

An automated claims management solution makes it easier for insurers to extract relevant information from documents, thereby reducing time and increasing efficiency.

With an automated claims management system, insurers can fast-track claims and serve customers better. The system can also identify irregular patterns in the data which helps in detecting fraudulent cases more easily.

Artificial intelligence has the potential to transform the insurance industry by offering more personalised insurance policies. By automating some workflows, insurance companies can save costs while providing the best customer experience. The AI-driven insights can open up new business opportunities which result in new revenue streams.

We can help you deliver value to your customers and maximise profits for your business by leveraging AI. Consult with us!