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Innovation in Insurance: Building the future

The last few years have been significant for innovation in insurance, especially surrounding artificial intelligence (AI). It has brought in new value propositions to the industry and forced both traditional Insurers and Insurtechs to devise simple, convenient, and value-added customer-centric products coupled with technology initiatives.

However, insurers are not just developing innovative offerings through next-gen technologies but also meeting the rising customer expectations to respond to the changing business landscape amidst COVID-19. They are embracing digital transformation and propelling in a new direction of modernization to ensure add-on services, personalization, and flexible offerings. Here are some of the impactful innovations that are shaping the insurance industry.

Augmented Intelligence

With the rise of AI, insurers are identifying new ways of interacting with customers, automating procedures, and preventing risks.

Companies are augmenting intelligence of sales and customer representatives through hyper-personalized or real-time product recommendations, advisory, and pricing based on customer needs and profile.

They are introducing unique AI-powered solutions that can identify suitable prospects from the set of entire salesforce activities, understand customer pain points, and thereby enhance the services.

Smart Automation 

Smart automation corresponds to advanced technologies that are being leveraged to automate low touch processes and minimize the number of customer touchpoints in engagements such as sales, underwriting, or claims. These processes leverage advancements in cognitive, conversational, and statistical AI/ML techniques. Insurers are increasingly deploying intelligent technologies to ensure operational resilience and create value for end customers.

On-Demand Insurance 

Customers today are more likely to explore on-demand insurance coverage to get cost-effective and convenient coverage based on their needs. This is compelling insurers around the world to leverage AI to improve their products and services inline with customer sentiments and requirements. Through the adoption of real-time digital services and smarter usage-based products, they can reimagine their entire value chains or customer servicing operations and unlock more value for them and their customers.

Prepare for the Change 

Join Quintessence – a series inspired by the changes driven by technology in various industries to hear from industry leaders along with Quantiphi executives to gain comprehensive insights into the latest innovations that are impacting insurers. Explore how AI’s underlying technologies are already being deployed for making data-driven decisions, ensuring faster claims, identifying emerging risks, and providing personalized solutions.

The session will focus on how technology can help in understanding these new risks when we don’t have enough data points to understand these new evolving risks.

Our experts will also talk about how insurers can adapt and change post this pandemic. They will discuss the role of data in the current scenario and the accelerating changes we can expect from the industry in the coming months. The session will cover a brief about some of the emerging technologies and innovations that will soon become a ‘Must-Have’ for every technology leader in the industry. So leverage this opportunity to better prepare for the change and stay ahead of the curve.

Written byPriyanka

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