How Intelligent Products are advancing the insurance industry

How Intelligent Products are making an impact on insurance

Intelligent Products enable insurance companies to improve the customer experience, reduce risk, and increase efficiency. These cutting-edge products leverage data analytics, AI, and ML to help companies mine large amounts of data for a competitive advantage. The advanced processing power and automation they deliver are a win-win for insurers and customers alike.

Let’s take a deeper look at three key areas where these dynamic, self-learning solutions are poised to impact the insurance industry positively.

Personalization.

Way back in 1998, when detailing his vision for Amazon.com, Jeff Bezos said, “If we have 4.5 million customers, we shouldn’t have one store. We should have 4.5 million stores.”(7) AI is making it possible to achieve this kind of 1:1 hyper-personalization across multiple channels.

Intelligent Products can analyze vast amounts of customer data to rapidly gain insights into individual preferences, behaviors, and purchasing patterns. This data empowers more accurate personalization of customer interactions, including recommending relevant products or services, offering tailored promotions, targeted marketing campaigns, or suggesting items based on previous interactions. The information can also be used to power clienteling capabilities and systems.

Leveraging customer data and sophisticated algorithms using artificial intelligence and machine learning helps retail and CPG companies:

• save time
• improve accuracy and relevancy
• deliver targeted marketing and advertising
• succeed with omnichannel personalization
• increase conversion rates and revenue
• reduce cart abandonment
• enhance customer satisfaction
• drive customer loyalty

Chatbots, virtual and voice assistants, and generative AI.

Where better for chatbots, virtual and voice assistants to be put to work than in the retail industry? In 2023, more than 70% of chatbot conversations will be in this space. (8) Conversational commerce tools are a welcome rescue from listening to endless minutes of cheesy hold music.

Generative AI is a significant game-changer that many retailers are starting to implement, including using it to power their customer service chatbots and create videos that respond to common customer queries. These Intelligent Products power rapid, human-like, personalized service 24/7 and deliver consistency in customer interactions.

What do customers think of brands using generative AI for personalized recommendations or offering customer service support? A March 2023 survey reveals the majority of respondents “somewhat” or “strongly” back its use. (9)

Experiential retail.

Intelligent Products facilitate memorable experiences by delivering new ways to engage and interact with shoppers. They can help customers navigate a store for a 1:1 customized shopping experience or recommend products by looking at the person’s purchase history, loyalty information, location, and other data points to trigger mobile notifications.

Robots, apps, visual search, interactive dressing rooms, and self-checkouts further enhance a customer’s in-store activity. Artificial intelligence powers immersive environments that captivate shoppers and drive sales, including virtual personal styling, facial recognition technology, interactive in-store displays, intelligent pricing and dynamic promotions, and smart checkout systems.

Intelligent Products deliver cost savings

Creating value in an uncertain economic environment continues to be top of mind for leaders in the insurance industry. But it’s not all doom and gloom. Digital transformation is delivering benefits to those who are modernizing. Businesses embracing machine learning often see cost reductions of 40-60%. [1]

Finding new ways to make the most out of employees’ efforts and ensure they’re working on high-value tasks is where Intelligent Products shine. They can also help with the following:

Reducing claims costs. “People-powered” claims processing is time-consuming and requires a lot of work. AI and ML speed up this tedious process providing greater accuracy of estimation and faster time to close. Intelligent Products can do a considerable amount of heavy lifting as well as reduce human errors within multiple systems and across numerous business units.

Ensuring consistency and fairness. Insurance companies are using predictive analytics to analyze historical data to identify patterns and anticipate future claims and their potential severity. Effective forecasting helps better allocate resources and reduce labor costs and expenses. Benchmarking can be performed to ensure there’s alignment with similar claims and that settlements are fair.

Optimizing processes. Intelligent Products are useful for recovery optimization and settlement optimization. They quickly and easily make meaning from vast amounts of complex data to benefit a company’s profitability and reduce losses. Intelligent products can also assist with responding to regulatory changes and maintaining compliance.