Leveraging cloud to transform insurer operations

Virtual assistants are taking over the world. Find out how companies in the financial and insurance sectors are profiting from this mega trend and how chatbots and AI-supported natural language technologies impact customer communications.

enior insurance executives to explore the AI-enabled personalization of insurance products to increase customer loyaltyCustomer service is undoubtedly important to the modern, connected consumer. The chief differentiator between legacy carriers and the new breed of agile, digital-native insurtechs lies in the superior, efficient and omnichannel customer experience the latter are able to provide. While 2018 saw many legacy carriers conduct a host of pilot initiatives aimed at improving the customer experience, there is an imperative on the rest to act now in delivering interactive and personalized products, communications and experiences. Based on a 2019 Insurance Nexus survey, insurance executives believe that customer experience will see the biggest impact from the implementation of AI. While there are many barriers for carriers to effectively leverage AI, its potential for winning and retaining customers in the future is beyond doubt.

The traditional B2B2C affinity and program business concept offered insurance products through non-insurance or non-financial organizations such as associations, non-profits, employer groups and more. However, today’s buyers do not necessarily associate with some of these traditional groups and will look to buy insurance through other groups such as Gig Economy groups, health and fitness organizations, large retailers, auto manufacturers and more – where the purchase is part of strong relationship or buying transaction they are doing.

With the initial disruption of the pandemic now past, the insurance industry is looking to modernize how insurers and broker dealers interact with clients. Traditionally, carriers and agents relied on face-to-face meetings with customers to complete business applications, disclosures and policies, and insurance claims. But in our increasingly remote world, consumers have come to expect the ability to conduct business remotely, with any device they choose, and at their own convenience. The challenge is how to provide a superior customer experience within the confines of remote digital processes. Despite a surge in all-things “digital”, customers still value the human connection. That’s why a human-digital hybrid model is an important combination for replicating the in-person experience.