NEWS ETC. INSURTECH
W
BY MIA PAPANICOLAOU
hen it comes to insurance, the use of artificial intelligence (AI) to determine premiums, assist with fraud detection, and speed up claims processing is becoming far more commonplace. Less well regarded, but equally important, is the role AI plays in customer communication. The communication sent to customers by insurers is often the only interaction with them beyond the policy or bill. These can be greatly enhanced using AI, which can result in far more loyal customers. Considering insurers are traditionally slow to adopt new technologies when it comes to the customer experience and are increasingly susceptible to disruption by a wave of tech-savvy startups, it’s vital that they embrace AI as a customer communication tool in 2020. The need for AI One of the major failings of the insurance industry is that it simply doesn’t talk to its customers. In fact, some estimates show that more than 90% of insurers worldwide do not communicate with their customers even once a year. That not only fosters the feeling among customers that they don’t really know their insurer, but that their insurer doesn’t know or care about them. Moreover, thanks to their experiences with other industries, such as banking and retail, today’s customer demands highly-personalized products and services, supported by relevant, easy to understand and contextual
44 | CALIFORNIA BROKER
- CalBrokerMag.com -
FEBRUARY 2020
