AI in the Insurance Industry
The application of artificial intelligence in Insurance can help you personalise the entire Insurance experience
Getting Insurance is both necessary but boring for most customers. In today's experience, customers are given the same form to fill out every year when they renew and it is often left up to them what plan to choose. Similarly, because forms have no intelligence, customers are asked difficult questions such as 'how much would it cost to rebuild your house?' No average customer would know the answer to this off the top of their head. This is where the power of the MyWave Platform comes into play:
- When the customer needs to renew their Insurance plan, MyWave accomplishes this easily by simply asking what, if anything has changed.
- When the customer is signing up to a new plan, the Platform Intelligently makes use of all available industry logic and data to make this as frictionless as possible. For example, instead of asking how much it would cost to rebuild your house, the Platform would simply calculate the value as data is available to do so. The Platform delivers personalised journeys for each customer depending on their insurance requirements and uses the data the customer provides to suggest the right type of Insurance plan for them.
Currently, once you sign up for insurance, you don't hear from your insurer until you need to renew a year later. For Small to Medium Business Owners, as your business grows and changes, you may have different insurance requirements and you may not have the right cover or even enough cover. The MyWave Platform proactively prompts business owners and lets them know that businesses like theirs typically have this amount of cover, and suggests new plans that provide this.
Simple Summary Case Study of MyWave and Insurance, ROI in less than 12 Months
Customer Centred Outcome Examples
- Intelligent Insurance experience using all available Personal Data and external Data Pillars combined into seamless Intelligent end to end Insurance Customer Experiences and Outcomes
- Easy, Intelligent Customer On-boarding
- Only asks what it does not already know and contextual to the Individual Person or Business
- Contextually Remembers and Knows the Customer for any Requests or Proactive Followup Actions based on Customer Preferences and Data to Auto Renew, Renew based on if anything has changed or remains the same, Saves Customer time, hassle and effort
- Always contextual to getting the appropriate cover for the person or business
- Know the home, what its made of, the car and its attributes, the fleet, my stock, liability, Life, Health data etc.
- Using Big Data generated by Insurers such as People Like You (PLU), delivers contextual recommendations based on what is known about you relative to a PLU cohort to help Intelligently guide into additional relevant Insurance to avoid under insurance
- Remember me and generate contextual relevant Insurance outcomes in simple easy steps
Enterprise Benefits from Customer Centred Outcomes deploying Intelligent Personalisation by:
- Automating and simplifying the Insurance process to take out cost
- Taking out/freeing up people
- Offloading from the Call Centre
- Deepening Customer Relationships with relevant Personalised Products and Services
- Improving Revenue Growth through more valuable end to end client services
- Reduce Churn and increase Customer Engagement
- Intelligent Personalisation enables redefining the Insurance experience centred on the Customer
- Every interaction is audited and tracked
- Enhancing customer service and customer outcomes centred on the customer
- Increasing NPS (Net Promoter Score)
- Reducing customer drop off by creating an experience which is short, simple and contextual to the customer
- Intelligent cross sell and up sell to next product based on personal data
- Ability to create Set and Forget renewals based on remembering and knowing the customer, saving customer time and hassle
- Personalisation at scale for SME clients
- Leveraging Data and Relationships, enabling Ecosystem business relationships around home and business - Intelligent Personalisation Ecosystems centred on the Customer - Smart Home Ecosystem services saving time, money, leveraging data for the benefit of the Customer and the Enterprise
- Intelligent insurance experience using all available personal data, operational data, sensor data etc
- Always contextual to getting the right cover for the person or business
- Know the home, what its made of, the car and its attributes, the fleet, stock, liability etc.