Transforming the insurance sector with the help of AI

25 Mar 2024

Revolutionize claim processing.

GenAI can significantly improve the insurance claim processing experience for both insurers & policyholders. From the initial claim intake, proceeding with extracting & summarizing relevant information from unstructured data as medical files, emails, phone calls, photos, then mapping with insurance policies for coverage, routing the claims to adjusters & examiners all the way to prioritization based on severity. The automation obviously reduces the need for manual data entry, minimizes errors or the chance of missed information. Moreover, GenAI can help streamline the claim process by suggesting next steps based on available data.

All these enable faster, more accurate & more consistent decisions, leading to increased customer satisfaction & reduced costs. Overall, AI can greatly enhance the claim processing experience, resulting in improved productivity, lower operating expenses together with more informed decision-making.

Move towards prevention.

Insurers can leverage GenAI to move towards proactive prevention by engaging with clients to advise them on how to lower or even avoid certain risks. The GenAI can generate customized recommendations for the policyholders, such as maintenance tips, installing safety features in their home or implementing healthy habits, to mitigate those risks. Additionally, the AI system could monitor & adjust the recommendations accordingly.

By taking a proactive approach to risk management, insurers can reduce the likelihood of claims, lower their liabilities, ultimately leading to lower premiums for policyholders which fosters a positive customer relationship, promotes transparency, trust & long-term partnership.

Streamline compliance processes.

Insurers can efficiently stay on top of regulatory compliance by leveraging GenAI to automate process of monitoring, analysing, extracting & summarizing changes within regulatory space and obtain real-time alerts for taking necessary steps to ensure adherence. The benefits are significantly reduced workload of manual reviews, decreased likelihood of human error together with more time to focus on higher-value activities.

Design personalized products & offerings.

As the whole market together with customers’ expectation is moving towards personalization, GenAI can help insurers design personalized policy packages that cater to a customer's specific risk profile, lifestyle & budget. GenAI-powered assistants enable engaging with customers, gathering information about their preferences & concerns, offering real-time guidance on selecting the best policy options.

Through personalization, insurers can enhance customer satisfaction, build brand loyalty to ultimately drive growth & profitability. Moreover, leveraging GenAI enables creation of highly targeted marketing campaigns that resonate with customers, increasing the likelihood of conversion.

Generate more revenue via upselling & cross-selling.

AI can enable insurance sector to efficiently identify customers who are likely to purchase additional coverage, based on their existing policy history, customer & other relevant information. Similarly, AI can enables identifying opportunities for cross-selling, such as bundling multiple insurance policies, or offering discounts for multiple lines of coverage. By leveraging GenAI, insurers can create targeted value propositions driving revenue growth and customer loyalty.

Enhanced customer support available 24/7.

AI-powered customer Assistant provides personalized support answering queries, finding new products, guiding through the purchasing process, filing claims & managing accounts. Customers will be able to find the information they need quicker & easier, without waiting for extended periods of time for human customer agent assistance. The benefits are increased customer satisfaction, improved customer engagement & loyalty, more competitive edge.

Specialized AI Assistants make all the data easily findable.

How much time on average is spent searching for needed information?

GenAl absorbs all the data you provide, from all the sources, structured & unstructured, then it instantly retrieves the needed actionable insights saving time and allowing focus on value adding tasks instead. The assistant’s knowledge base can be defined for different roles making them specialized within a certain field such as underwriting, sales and claims adjusting.

Going forward.

To actually realize the full potential, insurers need a comprehensive AI platform capable of delivering the very different scenarios described above. Nevertheless, the need to stay on top of data privacy demands & AI regulations, especially the recently approved EU AI Act, which introduces the necessity for an explainable AI system.

MimerAI is an end-to-end AI platform, fostering an "All-In-One" approach, specially designed to serve as a hub for all AI needs with organization. Our API & SDK provide limitless integration & extension possibilities.

We have built our platform with data privacy, AI explainability & transparency at its foundation, featuring an AI decision-tracking option as well as the possibility to wait on human approval.

Feel free to reach out directly to learn more about our platform & how it is already helping our clients.


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