Insurance leaders are already adopting AI tools and practices to speed up the automation of basic tasks in existing workflows. But this is just the start. The real potential of AI in insurance lies in using it as a collaboration tool with humans: to not only efficiently execute tasks but also transform what insurance businesses actually do.
Insurance leaders of the future will employ AI to reimagine everything—from the way their organizations are structured, to the way they approach work, to the value their enterprise creates. These awards candidates show how insurance enterprises can unlock new opportunities by enabling the full scope of human-AI collaboration when implemented at scale.
Mitsui Sumitomo Insurance Group (Japan)
MS1 Brain fuses the strengths of humans and AI with AI partnering with agencies, to drive a customer-centric sales process. The solution collects, analyzes and utilizes various customer information to accurately understand people’s needs and offers them the most appropriate products. It uncovers customer insights that neither AI nor human agents would notice alone, based on large internal and external datasets and the knowledge of top salespeople nationwide.
At the same time, the software improves employees’ productivity, allowing them to shift their efforts to value-added areas. The blend of humans and machines has enabled Mitsui Sumitomo to dramatically improve closure rates as well as to increase productivity by 10 to 15 percent.
Mutua Madrileña (Spain)
Mutua Madrileña has implemented EME, a company-wide virtual assistant program, to improve its customer services and resolve inquiries more quickly and at more convenient times.
The company created a multi-agent architecture with 13 different virtual agents, which are available 24/7 and specialize in different topics such as invoices, accidents, and general information.
This solution demonstrates the power of cloud-based AI technologies, in this case, the Google Cloud. EME handles more than 900 types of questions with thousands of conversational variations. In 2019, EME interacted with more than 40 percent of Mutua Madrileña clients and answered 2,3 million queries, achieving over 90 percent accuracy and 60 percent in customer satisfaction.
Vienna Insurance Group (Poland)
Compensa, part of Vienna Insurance Group, has developed a digital customer experience for claims delivered by AI and an innovative self-service application with an advanced analytics backbone. The solution covers the full claims process from first notice of loss to smart claims segmentation and routing to automatic reserve change. The system has relieved claims handlers of a range of mundane tasks, in turn increasing their efficiency by 25 percent. Process automation has also reduced the average time for loss adjustment.
To read more, download your free copy of 'Innovation in insurance trends 2020: Realigning the fundamentals after COVID-19'
Lloyd’s, the world’s leading specialist insurance and reinsurance market, today announced its new cohort of InsurTech disruptors that will join the...
Voting is open online until May 29th.
Virtual ceremony will honor the best innovations from the insurance industry over the past year.
