Insuretech and Best Life Insurance

We discussed the use of biometrics in a previous post, and it received some interesting reactions from our readers. As insuretech continues to disrupt and innovate the insurance industry, we thought we would put together a concise view of how a best life insurance company might utilise Artificial Intelligence to improve best life insurance company products and services.

The future of insurance is changing in ways never previously imagined. Take Sprout.ai a new company based in the UK, who utilise “contextual artificial intelligence” to process insurance claims, in particular health insurance claims, faster than ever, in fact within 24 hours.  This innovative software company have recently raised in excess of $2.5 million for its “natural language processing and “optical character recognition” that allows an insurance claim to be settled within two days. An amazing feat.

For the insurance industry, one steeped in history and tradition, these insuretech startups are utilising data to bring about a game-changing new model.

Understanding Artificial Intelligence is fundamental

Artificial Intelligence includes a range of technologies from Machine Learning to Robotic Automation. It can help with every aspect of the insurance market, including claims management, compliance, chatbots and risk analysis, taking into consideration a range of factors including geography, typical end-users and various types of applications utilised by customers.

Artificial Intelligence is available 27/7, allowing customers to interact with on-demand insurance products and services whenever they want. For example, a micro event such as needing to drive a friend’s car can be handled by a robot. These Chatbots can deal with any aspect of an enquiry, from existing policy enquiries, new product purchasing and fraud issues, for both service provider and end-user AI offers unlimited possibilities.

The disruptive nature of Artificial Intelligence within the life insurance market allows the industry to become more efficient, driving competition and ensuring operational excellence. Within the current climate of Coronavirus, insurance companies are feeling the strain and these new disruptive technologies are welcome to boost sales and growth.

COVID-19 has brought about a new atmosphere of how we work, and many companies have had to rethink their operational processes and how they deal with clients including how to provide a personalised service from customer engagement to claims handling. It is challenging within a climate of social distance and staying at home. Perhaps this is the reason these tech wizards are achieving massive success, attracting staggering levels of crowdfunding to enable them to provide these personalised insurance services.

COVID-19 could not have come at a more significant time in this Artificial Intelligence revolution. Companies who were previously slow to pick up on the necessity for technical advancement and excellence have now had to alter their approach to Artificial Intelligence algorithms to enable them to advance, and quickly.

How is artificial intelligence disrupting the life insurance market?

Artificial Intelligence transforms how a life insurance company can offer its services by enabling valuable insight into client behaviour, thus allowing the best life insurance company to customise the service provided.

Artificial Intelligence technologies such as machine learning, machine vision, natural language processing (NLP), and robotic automation all have amazing capabilities to reimagine the entire insurance lifecycle process from customer acquisition to the handling of a claim. The adoption of artificial intelligence in life insurance helps insurance companies to perform mundane tasks more efficiently and rapidly, thus reaching operational excellence, increasing competitiveness in a saturated market, and boosting growth.

The role Artificial Intelligence plays in the life insurance industry allows for improved engagement with customers by allowing for a deeper understanding of the individual client. Some aspects of Artificial Intelligence intelligence can inject problem-solving techniques and automate crucial data to identify precisely unique risks during the underwriting process.

Artificial Intelligence in Life Insurance will lead to cheaper premiums

Artificial Intelligence incorporates virtual functions of understanding, reasoning and planning, providing a revolutionary reshaping of this industry, especially when it comes to premiums. For example, AI can provide extremely accurate results for risk assessment by using biometrics through fitness apps. Thus, a person who regularly works out will benefit from good health and expect to pay lower life insurance premiums.

The Internet of Things (IoT) provides insurance companies with access to broader information than ever before. With a customer’s consent, life insurance companies can access crucial data that makes up an integral part of a person’s life, thereby offering intuitive and customised products and services, including life insurance.

When we share our data, we collaborate with service providers

At the same time, many welcome the collaborating with service providers. When we provide our private data online, we share our birthdays, key moments in our lives, such as buying a house, a car or starting a family. Many customers recognise the importance of reminders about insurance or new products available on the market, especially financial products that protect our loved ones.

Artificial Intelligence is here to stay and, provided a company follows good practices for using data in ways that are acceptable and safe it can harness new possibilities with tech-driven solutions to help secure the market with consistently improved products and services.

We understand the importance of Artificial Intelligence in life insurance. But we also know that sometimes it is better to talk to a real human! Click the button below to get a friendly call from a trusted life insurance advisor. Get covered today and protect your loved ones.


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