More and more digital customers are demanding more from insurers. They want help to prevent injury and loss . A other insurer that reinvents its offerings with AI capability is ready to deliver.
It is not surprising 's are elevated. R personal recommendations in real time in digital services have become ubiquitous. Online shopping and entertainment services continuously use customer insights and prescribing analysis to make recommendations .
I insurance customers now expect the level of personalization to help them achieve better health and general well-being – especially M illennial and younger consumers . O from 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 years and younger say they want this kind of help.
The insurance of the future must contain reinvented offers that defy the traditional tort model. Putting AI at the heart of the data-driven invention of offers will bring the insurer closer to the customer and help maximize lifetime value for the customer relationship .
In addition to connected devices
Much has been said about the health and safety benefits of portable devices and other IoT connected devices. However, reinventing the offer insurance goes further than capturing user-generated data. What matters is what the insurer and their ecosystem partners do with that information when they receive it.
Predictable and receptive analytics features can enable a more relevant and personalized digital insurance experience with real-time offers based on known behaviors and preferences. This forms the basis for insurance offers that are tailored to the customer's unique needs. And that moves the insurer beyond the constraints of customer attribute data such as demographics and income.
Human + Machine may feel more personal
It would be a mistake to think that personal insurance will be an AI-only proposition. Customers of all ages still want and expect human contact. They simply trust people more than machines to help them make high-stakes decisions.
As my colleague Michael Reilly put it in his blog post on Enabled Underwriting "the electorate is facing right now is not a binary decision whether man or machine should guarantee the risk. It is rather a question of how best to can use machines to help human insurers more consistently make profitable insurance guarantee decisions. AI is already underway, speeding up the claims process and giving the customer more control over the process. In the meantime, these efficiencies help reduce insurer costs.
Data-driven reinvention is not limited to personal business areas.Commercial insurance customers also see what is possible with technology and will begin to expect holistic offerings that will help them prevent, mitigate and recover from loss.
For this purpose cyber coverage is low-hanging fruit for insurance ring donors. The loss of personal operations in response to COVID-19 and the simultaneous expansion of digital operations greatly expanded the cyber attack surface. In addition to their usual daily data security and virus protection hygiene, companies of all sizes now cope with the increased threat of ransomware and wiperware .
I have said many times that the insurance sector can serve as an important strength during the crisis and as a recovery mechanism for industry. With data-driven reinvention made possible by – even led by – AI solutions, the insurance sector can also act as a guardrail 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.