{"id":36769,"date":"2024-01-11T13:07:44","date_gmt":"2024-01-11T07:37:44","guid":{"rendered":"https:\/\/vymo.com\/blog\/?p=36769"},"modified":"2024-01-16T17:45:05","modified_gmt":"2024-01-16T12:15:05","slug":"gen-ai-in-2024-five-top-trends-insurers-cant-ignore","status":"publish","type":"post","link":"https:\/\/vymo.com\/blog\/gen-ai-in-2024-five-top-trends-insurers-cant-ignore\/","title":{"rendered":"Gen AI in 2024: five top trends insurers can\u2019t ignore"},"content":{"rendered":"
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[vc_row][vc_column][vc_column_text]Generative A<\/span><\/i>rtificial Intelligence ( gen AI) became mainstream in 2023. In 2024, we expect gen AI\u00a0 to exponentially evolve and disrupt technology and trends in the insurance space.\u00a0<\/span><\/i><\/p>\n

The report by Vymo, ‘<\/span>THE RISE OF AI – How Artificial Intelligence is Elevating the Insurance Game,’<\/b><\/a> investigates how the insurance industry has not only embraced technological transformation wholeheartedly but also become revitalized by it. AI now plays a crucial role in a variety of insurance processes, from product development to claims processing.<\/span><\/p>\n

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AI has several applications in Insurance. <\/span>For instance, <\/span>Troy Korsgaden, Insurance Carrier Consultant at Korsgaden International, <\/b>\u00a0cites wearable devices like fitness trackers that collect health and lifestyle data, which insurers can use to assess risk and offer discounts to healthy customers. Insurers are increasingly required to transition from using technology to address specific problems to adopting a more holistic and creative strategy that unifies various layers such as data, workflow, nudges, and customer experiences.<\/span><\/p>\n

Here are five key ways that AI will disrupt the Insurance industry:<\/span><\/p>\n

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  1. Risk & Underwriting <\/b>–\u00a0 AI mitigates potential biases, enhances transparency, and harnesses data for precise risk assessment.\u00a0 Through its Big Data model, insurance companies can potentially increase their Collections results while using <\/span>30% fewer resources<\/span><\/a>.<\/span><\/span><\/li>\n
  2. \u00a0<\/span>Claims Processing – <\/b>\u00a0\u00a0AI streamlines the process for both customers and staff from the moment a claim is initiated. It automates tasks, ensuring swift and efficient processing while also determining the legitimacy of a claim and the corresponding coverage amount. For example, CCC Intelligent Solutions automates its entire claims system with AI. Photographs taken at accident scenes are subjected to AI analysis and assessed according to insurer-approved guidelines.<\/span><\/span><\/li>\n
  3. Insurance Sales & Distribution <\/b>– Sales & Distribution encompasses the entire chain of transactions between the carrier and the end-customer. This process also includes multiple personas such as brokerages (wholesalers) or licensed agents (retailers).\u00a0 By harnessing AI to assist agent work forces and client-facing marketing channels, insurance carriers stand to boost their profitability and deliver
    \nexceptional customer experiences throughout the distribution cycle.<\/span><\/span><\/li>\n
  4. Recruitment –\u00a0 <\/b>According to statistics from the\u00a0 Bureau of Labor, over 50% of the insurance workforce will be retiring in 15 years, leaving almost 400,000 open positions unfulfilled industrywide. In this context, the onus is on carriers to streamline their recruitment process and make sure they\u2019re hiring the right producers.\u00a0 AI can help identify such producers through an \u2018engagement score\u2019, calculated by measuring how quickly people respond to emails, how proactive they are in attending pre-onboarding webinars, how much they\u2019ve interacted with the carrier\u2019s social media posts, and so on.<\/span><\/span><\/li>\n
  5. The Lead Lifecycle<\/b> – Once a lead becomes part of the carrier’s ecosystem, they are categorized and matched with agents according to their specific needs.\u00a0 However, this allocation process often proves to be time consuming, slow, and inefficient, leading to lead disengagement and dropouts from the carrier’s ecosystem before their journey even commences.\u00a0 Leveraging non-traditional data sources can enrich lead profiles, enabling customized services and more effective engagement strategies.\u00a0 An AI engine can adapt its strategy in real-time based on changes in engagement scores. It can switch engagement channels, replace content with more relevant material, and make other adjustments as needed.\u00a0<\/span><\/li>\n<\/ol>\n

    Proceed with Caution<\/b><\/p>\n

    However, with all the seemingly boundless potential of AI, Troy advises insurers to “trust but verify.” AI cannot replace the nuanced human touch. It can serve as a ‘helping guide’ that organizes an advisor’s schedule, automates routine tasks, provides in-depth insights into customer preferences, and draws new talent to the industry. Echoing this sentiment, a Millennial advisor notes, “<\/span>While the robo-advisor can simplify the human advisor’s role, personal time spent with clients to understand their life and financial goals remains crucial.”<\/span><\/i>\u00a0<\/span><\/p>\n

    How Can AI Elevate the Role of Advisors?<\/span><\/p>\n

    Download <\/span>‘The Rise of AI’ <\/b>to explore the productivity potential that AI holds.<\/span><\/p>\n

    [<\/span>Download Now<\/span><\/a>!]<\/span>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column][vc_column_text]Generative Artificial Intelligence ( gen AI) became mainstream in 2023. In 2024, we expect gen AI\u00a0 to exponentially evolve and disrupt technology and trends in the insurance space.\u00a0 The report by Vymo, ‘THE RISE OF AI – How Artificial Intelligence is Elevating the Insurance Game,’ investigates how the insurance industry has not only embraced technological […]<\/p>\n","protected":false},"author":9,"featured_media":36778,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[197],"tags":[75],"class_list":["post-36769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-artificial-intelligence","tag-ai"],"_links":{"self":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/36769","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/comments?post=36769"}],"version-history":[{"count":2,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/36769\/revisions"}],"predecessor-version":[{"id":36776,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/posts\/36769\/revisions\/36776"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/media\/36778"}],"wp:attachment":[{"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/media?parent=36769"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/categories?post=36769"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vymo.com\/blog\/wp-json\/wp\/v2\/tags?post=36769"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}