The 21st century has introduced us to varied technologies in every field. The insurance industry is nonetheless modernized. The introduction of AI in Technology has disrupted the insurance industry and is not staying behind in making the most of the technology to enhance their operations, processes, and services to customers.
The traditional processes of insurance were specific to policy and products. Modern insurance functions focus is still around the policy and product but there’s now a shift in the trend. The Organisations are now moving towards a Customer-centric approach benefiting more from the Artificial Intelligence (AI) technology.
Artificial Intelligence (AI) not only enhances customer experience but also streamlines the insurance claims operations, underwritings, and frauds. AI understands customer behavior and helps in creating effective customer engagement. AI in the Life insurance industry in India will provide a deeper penetration playing a major role in helping the insurers tackle customer servicing at various touchpoints.
AI in Life insurance helps improve customer service and engagement
AI has started disrupting the insurance industry since 2017. As per the Accenture Study, 74% of customers appreciated the AI-based approach in the insurance industry while providing advice to the consumers. AI can help in making insurance claim seeking processes more efficient. Insurance companies are using machine learning and AI to create a user-friendly interface, to simplify the traditional lengthy paperwork which otherwise was a cumbersome process. customers correctly.
AI is leveraged to automate application and underwriting processes. Introducing AI in the Life insurance industry can help in cost control and hiring process. As per the popular stats, it is observed that the insurance sector is one of the slowest industries when it comes to the adoption of technology compared to BFSI peers. The insurance sector is the most regulated industry due to the challenges in hiring the right tech-talent to drive digitization.