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Data-driven reinvention makes insurance more personal

Data-driven reinvention makes insurance more personal

Increasing digital customers are demanding more from insurers. They want help to prevent injuries and loss. AInsurers who reinvent their offerings with AI capabilities will be ready to deliver.


This is no surprises is exalted. Real-time, personal recommendations has become ubiquitous in digital services. Online go shopping and entertainment stream services constantly use customer insights and prescription analyzes to make recommendations.

Ininsurance clients now expect that level of personification to help them achieve better health and general well-beingespecially Minsignificant and younger consumers. Oyou Insurance Consumer Study 2021 shows that while each age segment has growing interest in digital offerings that help them make safer, healthier and more sustainable choices, more consumers 34 and younger says they want this kind of help.

The future of insurance must offers rediscovered offerings that the traditional indemnity model. To put AI at the heart of the data-driven reinvention of offers will place the insurer closer to the client and help maximize the lifelong value of the customer relationship.

Except paired devices

Much has been made about the health and safety benefits of portable devices and other IoT-connected devices. Inventing the insurance supply goes beyond capturing user-generated data. What matters is what the insurer and their ecosystem partners do with the data when they get it.

Predictive and prescriptive analytical capabilities can enable a more relevant and personalized digital insurance experience with real-time offers based on familiar behaviors and preferences. It forms the basis of insurance offers tailored to the customer’s unique needs. And that moves the insurer beyond the constraints of customer attribute data such as demographics and revenue.


Human + Machine can feel more personal

It would be a mistake to think that personalized insurance is a proposition for AI. Customers of all ages still want and expect the human touch. They just trust people more than machines to help them make high-interest decisions.

As my colleague Michael Reilly put it in his blog post Activated endorsement‘The choice that carriers currently face is not a binary decision whether man or machine should underwrite the risk. Rather, it is the question of how to best use machines to consistently help human underwriters make profitable underwriting decisions. ”

On the claim side – especially for car and home owners customers – leading with AI are already doing wonders. This speeds up the claims process and gives the customer more control over the process. Meanwhile, the efficiency helps to reduce the cost for the insurer.

Personalization in commercial lines

Data-driven rediscovery is not limited to personal business lines. Commercial insurance clients also see what is possible with technology and will expect holistic offerings to help them prevent, mitigate and repair losses.


With that end in sight, cyber coverage is a low hanging fruit for insurers. The loss of personal operations in response to COVID-19 and the simultaneous expansion of digital operations have significantly expanded the cyber attack surface. In addition to their usual daily data security and virus protection hygiene, businesses of all sizes are now facing the growing threat of ransomware and livestock farmer.

I have said many times that the insurance sector can be an important source of strength during the crisis and as a recovery mechanism for the industry. With data-driven rediscovery made possible by – even guided by – AI solutions, the insurance sector can also serve as the backbone that helps the customer avoid problems.

Disclaimer: This content is provided for general information purposes only and is not intended to be used in consultation with our professional advisors.


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