Unleashing AI for impact across the insurance value chain
AI mastery is a key competitive differentiator in intelligent insurance.
There’s no doubt that the changes to the insurance industry in the next ten years will be as profound as the effects of the digital revolution of the 1990s and 2000s.
This whitepaper explores how large incumbents harness AI to their advantage to counter the disruptive digital-native innovators, and shares the successes of early adopters in their AI implementation across the entire insurance value chain: from marketing and distribution, underwriting and pricing, to claims management – drives new customer experiences, products, and operating models.
Drawing on the analysis of the opportunities and applications of AI in the insurance industry, SparkBeyond and Microsoft curated insights from MetLife, ErgoHestia, Sompo and others, to explore relevant case studies in which AI creates business value, including:
- Automated underwriting
- Customer journey analytics
- Claims automation
- Lead scoring
- Fraud and subrogation
AI will change the very nature of insurance itself. Not only will it be more affordable, but it will be packaged with personalised advice to help customers navigate life together.
Purpose-built AI solutions drive better lead scoring, higher conversion rates, more effective cross-sell and upsell, increased retention and personalised customer experience. In addition to bottom-line impact, solutions improve wellness, public health and safety, and proactively mitigate the impact of natural catastrophes. In other words, doing good while doing well.