Artificial Intelligence can be an incredible support to human intelligence.
Especially when it comes to workplace innovation. This is true for all industries from manufacturing to service-providing industries. Insurance is no exception. IoT, smart devices, and AI are changing our everyday life. We are now increasingly immersed in a reality that is made of intelligent and interconnected objects. In other words, technology is changing the way things are done: for example, telematics and wearable sensors can collect information about customers. A device installed inside a car can gather data on how a person is driving: how fast he goes, how quick he is to accelerate, whether he is likely to go over the speed limit. Basically, today it’s all about the data and how to collect them. But what about the human factor? We asked Paola Cappon, Intermediaries Delivery Manager at RGI Group, which are the advantages of working with an AI ‘assistant’.
“First of all – says Cappon – AI can be used together with analytics tools to extract patterns of human behavior and next best action predictions that help Insurers and Intermediaries to propose the right Insurance solution in the right moment. This can be a real boost to the business. Also, AI can be used in the automation of standard processes, such as simple Claims first notice of loss or easy quotations. Using AI integrated with a chatbot, for example, can help Insurance players to save time in this kind of operations to dedicate to more complex tasks, that still require human intelligence or a human touch”.
A more digital and more connected world can be both a threat and an opportunity for Intermediaries. “In some way, they are forced to adopt new ways of working, but we see it as an extraordinary chance to evolve their work and the perception of their role. Technology is a tool: you can endure it or you can use it to your advantage, for example by creating a continuous communication exchange with your customers”, adds Cappon. Luckily for Intermediaries, customers still require a human approach when they are facing complex problems. That’s why a new strategy is needed. “Technology can help Intermediaries to enhance their role of a personal consultant who always knows and understands your very personal situation and build the best insurance solution that fits you”, comments Cappon. And sometimes AI can make easier to help clients. “Today’s technology, thanks to solutions for paperless underwriting, double check with bank systems and other real-time applications, allows Intermediaries to free their time from many low-value tasks, such as data entry”. So who will succeed in the digital transformation? “Someone who can master all these tools to dedicate their time to higher-value tasks. The new Intermediary will enhance the knowledge of his/her customer even in his/her non-insurance needs, anticipating his/her requests and designing with him/her the best insurance service”, concludes Cappon.