How Artificial Intelligence impacts the policyholder experience

The insurance customer has changed. Today, one in four motor insurance policies in Germany is taken out online, and 54% of Europeans prefer to take out life insurance online. 

In recent years, there has been a growing demand for digital solutions that allow insurance policies to be taken out and managed remotely and autonomously: customers want to spend less time in the process, be helped when and where they need to, and to receive as few visits in their home as possible. 

At a time when loyalty is in short supply and customers are very likely to switch companies, maintaining trust is essential for insurers. Customer service teams need the right tools to be able to truly help. Sometimes this means allowing policyholders to manage their claims more autonomously.  

To achieve this transformation, insurers have found an unexpected ally: Artificial Intelligence. 

The customer wants to take control

Something as simple as allowing a policyholder to change their personal details without having to make a phone call can make a big difference to the way they view their insurer. A task as easy as this one can be simplified through the use of web-apps, mobile apps or chatbots. In fact, chatbots are a perfect solution in which to use AI to enhance the customer experience on a personal level.

In the case of the insurance industry, AI has a key application: automatization. Today, most customers prefer to try to solve a problem on their own, whenever possible. A 2018 survey revealed that 88% of customers assumed that companies would offer online assistance, a figure that has undoubtedly increased in the wake of the pandemic.

Insurers now have the power of Artificial Intelligence at their fingertips, specifically Visual Intelligence. But how should they integrate and apply it, and how can AI and IV generate the greatest possible impact on the customer, while saving costs for the insurer and preventing fraud? 

To find out, at Bdeo we have launched a study where we analyse the why and how of the integration of these technologies by insurers, exposing their benefits. If you want to go deeper into this relevant topic for the sector, we invite you to download the study.