The COVID-19 pandemic has brought home to insurance companies the important importance of staying close to their customers. They need to quickly discover policyholders' changing needs and quickly deliver solutions tailored to meet their new circumstances.
At this year's Efma-Accenture Innovation in Insurance Awards presented a variety of carriers, intermediaries and insurtech companies solutions to build close relationships with customers. Many of these solutions deployed artificial intelligence (AI) on a large scale to identify changing requirements of policyholders suggest more appropriate risk management offers  or  expedite responses to customer inquiries .
Many insurance companies implement AI on a large scale
Initiatives to reduce the gap between insurers and their customers were not limited to personal line applications. Several submissions sought to strengthen the ties between insurers and commercial line customers through, among other things, forums for cooperation and innovation.
Here are some of the smart innovations that use AI to help insurers better understand and serve their customers.
- MS1 Brain : Developed by Mitsui Sumitomo Insurance in Japan, MS1 Brain platform combines AI and big data technology to better equip sales agents to meet their customers' needs. By collecting and analyzing customer information and their needs and then identifying the products that best meet their needs, MS1 Brain enables agents to promote closer ties with potential policyholders. This improves the customer experience and also increases the sales agents' productivity.
- EME Virtual Assistant : Mutua Madrile n͂a in Spain has significantly improved its customer service by developing an intelle 19659002] nt virtual assistant that helps assists its support staff . EME's virtual assistant can answer questions on almost a thousand different topics in either text or voice messages. The virtual assistant is built on Google's cloud platform and includes natural language processing and chatbot communication and enables the insurer to respond quickly and efficiently to customer inquiries 24 hours a day.
- AI-Augmented claims : Compensa Poland part of Vienna Insurance Group (VIG) has improved the customer experience it provides by introduction of a digital self-service solution . In addition to an intelligent user interface, which guides customers when they make a claim, the solution uses advanced data analysis to automatically process claims from the first notification of loss even segmentation of smart damages, routing, assessment, settlement and finally to adjust claims reserves.
Suppliers of commercial lines become risk management companies
Several insurance companies at this year's a departments showed innovations that had been developed to help commercial line customers better manage their exposure to risk. These initiatives are part of the comprehensive transformation that is sweeping commercial businesses. Many of the airlines serving this sector are and become providers of a wide range of risk management services . The are no longer limited to traditional insurance offers.
These three innovations show how commercial line suppliers are looking for new ways to meet their customers' needs.
- Worldview : Developed by Chubb in the USA, Worldview is a digital platform that enables the company's brokers and clients to manage all their risk management and insurance needs in real time  all over the world . It handles the issuance ing of policies, electronic transmission of documents, reporting and assessment of claims and delivery of invoices. Key features include interactive data visualization, seamless collaboration tools and AI-driven contract translation.
- Bold Penguin Exchange : US Insurtech Company Bold Penguin has built a digital exchange that connects small businesses with insurance agents and transportation companies. Bold Penguin's advanced analysis system consolidates the issues of the many insurers on its exchange into a single standard format . Using the application programming interface (API), the company quickly matches companies with the products and services that best meet their needs.
- Cube : AXA XL In the UK, has taken a smart method to help its commercial line customers develop new risk management solutions. Together with the consulting company Ninety I have created Cube, a six week incubator program, which enables risk managers to work with AXA XL specialists to develop solutions to manage their most complex risk s . Participants start in the Cube program without pre-set goals but follow an innovative partnership methodology developed by AXA XL to identify and create risk management solutions.
For more information on Efma-Accenture Innovation in Insurance Awards click on the link below. It provides information on a number of impressive innovations . Do not delay in making your contributions ready for next year's awards.
Efma-Accenture Innovation in Insurance Awards
Subscribe for more from Accenture Insurance
Disclaimer: This document is for general information purposes only and does not take into account the reader's specific circumstances, and may not reflect recent developments. Accenture disclaims, to the extent permitted by applicable law, any responsibility for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, auditing or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed personnel.
This document may contain descriptive references to trademarks of others. The use of such marks herein is not an assertion of ownership of such marks by Accenture and is not intended to represent or imply the existence of a link between Accenture and the legal owners of such marks.
Copyright © 2020 Accenture. All rights reserved. Accenture and its logo are registered trademarks.