Improving the Insurance Customer Lifecycle using AI & Machine Learning
Client satisfaction is a constant challenge across the insurance industry, where predicting risk and making a customer whole after a loss are at the core of the business. I’m a firm believer in the human element being critical to customer satisfaction, and that empathy remains the greatest asset in creating a positive client experience and ultimately, keeping their business. With this in mind, insurance carriers can and should take advantage of new tools that harness Artificial Intelligence and Machine Learning to enhance the customer experience.
A prime example of how carriers are currently leveraging AI & Machine Learning platforms is how customers can apply, buy and change their policies. Chatbots provide quick service while wearable devices and telematics give access to real-time customer data. As predictive models become increasingly sophisticated, the breadth of data enables insurers to underwrite extremely accurate, personalized policies.
Consumers who share more data at the point of underwriting see the value when their premium rate is precise and have peace of mind knowing their policy is unbiased. Predictive models using AI & Machine Learning use data to provide consumers with access to new products such as usage-based and on-demand insurance, expanding insurance availability and policy accessibility.
Claims processing tools using AI & ML are helping customers receive quick and accurate settlements while increasing customer satisfaction and retention. These tools have huge value for carriers at FNOL and estimation; automating mundane and repetitive job functions allows claims handlers and adjusters to focus on high value, customer-centric tasks. Carriers should adopt new technology that both eases customer friction points and enhances efficiency within their organization and teams, creating a win-win for all involved.
At Truepic, we empower insurance customers to submit photos to their carrier through our end-to-end virtual inspections platform, Truepic Vision. We carry out numerous verification checks on the photos and device to gauge their authenticity and detect fraud. With Vision, insurance carriers finally have a virtual inspection tool that carries the same authenticity as an in-person inspection. Our focus is on greatly lowering inspection costs, detecting fraud, increasing efficiency within insurance teams and organizations, and reducing friction for the carrier and customer.
There aren’t any shortcuts or magic potions when it comes to excellent customer service, but Truepic Vision is a start. As customers demand higher levels of service, insurance carriers are rising to the challenge. Striking a balance between the human element and tools that use AI & Machine Learning is leading to higher retention rates, more accurate rates at underwriting, a quicker turnaround after a loss, and an improved customer lifecycle.