A Brief Overview Of: Insurance In An Automated World — A Webinar Via Market Force

The panel consisted of John Keppel, Parul Kaul-Green, Steve Jackson, Michael Muzio, Jacob Sloan and was presented by Lindly Gooden.

An overview of the webinars discussion points:

• Meeting the changing needs of the customer in the age of Alexa
• Understanding RPA — what does the future hold for robotics in insurance?
• What impact will AI have on decision-making and customer-facing jobs?
• Reducing risk and enabling process improvements for P&C and Life
• From removing leakage to improving process times: the impact of digitizing claims
• The dawn of new data sources: understanding the opportunities created by IoT

Regarding the impact that innovation is having on customer experience, we are now seeing a change in the way in which customers want to know exactly what is happening around them — this also applies to the insurance experience each customer receives.

Concerning the future of digital in insurance, we are seeing RPA impact the customer in terms of speed, as well as the improved efficiency that is evident regarding the large scale of processing. The positive impact that risk reduction is having on insurance is also a point worth noting, however it’s important to also recognise new issues that this risk reduction brings as a result.

With data now becoming more and more central to the customer experience, more can be done in order to improve the refinement of each customer profile. In terms of risk, the ‘broad brush’ approach currently in place often focuses more on geographical location, something that can be improved by leveraging the data available around each customer.

It is estimated that the value of the robotics market will be worth approximately $135 billion dollars by 2019. Concerning AI customer chatbot applications and their impact on the customer journey, some suggested applications of use include the ability to answer common questions around policies (a useful tool for both insurers and agents) and the ability to collaborate and gather information, in turn providing the ‘knowledge workers’ with more equipped information through the collection of multiple documents.

The importance of distinguishing between digital and automation in terms of fraud was another interesting point of discussion in this webinar. Regarding the challenges involved here, we notice as more and more processes become optimised via a computer, people are more inclined to lie. This creates false data that may have not occurred using traditional methodology.

The concept of device interconnectivity was also touched upon in this webinar. There is a fine line between actually servicing the customer and efficiently attending to the needs of the customer. Not infringing or becoming overly intrusive when providing a customer experience is an increasing area of importance and discussion. Finding the right balance between interconnectivity and convenience for the customer is something that is extremely relevant within the industry today.

Link to webinar: http://bit.ly/2Egmvhi