How Artificial Intelligence Can Change Insurance

 
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Only 29% of current insurance customers are satisfied with their providers, with only 20% of unsatisfied customers likely to renew their policies. The insurance industry, no matter home, auto, or health, is driven by customer satisfaction and must provide an excellent customer experience in order to thrive. 45% of insurance providers report that changing customer expectations are driving new investments in technology, with 85% agreeing that customer experience and engagement are a top priority in 2017 onward.

Customer experience for insurers is a cornerstone of their business model, those customers who are dissatisfied have plenty of options to change companies and cancel their policies altogether. Insurance providers must gauge customer sentiment through feedback data in order to provide the best customer experience. Big Data analytics, focusing on unifying internal and external sources of both structured and unstructured data can help them reveal the most pressing issues and take action sooner.

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Insurance companies are pushing for automation through artificially intelligent technologies in both customer experience and data analysis. AI can provide greater insight into the customer's expectations and create a more personalized experience. Many insured are shopping online for their policies, however, 75% of surveyed online customers reported a wide range of problems purchasing policies online. 52% had to contact the insurance provider directly for help, with 39% finding the online process to be difficult and confusing, and 14% failed to complete a transaction at all. Where these potential customers could be an easy win for the provider, difficulty performing simple, automated tasks drove many away.

AI assistants and chatbots can streamline this process and give customers a source of information to lean on that’s not dependent on a live agent. With this natural interaction with artificial intelligence, companies can gather data on related issues and streamline their online customer experience through data analysis tools designed to reveal unknown insights. 70% of insurers have launched a more personalized digital or mobile service to try and attract customers, but only 15% of insurance customers are happy with the online experience.

Creating an end to end customer journey is a difficult task when attempting to merge online, phone, chat, and physical interaction. Big Data analytics and unsupervised machine learning through platforms such as Stratifyd’s can inform better customer experience decisions and lead to more pleasant interactions with customers.