How AI helps you know your Commercial Lines Clients better
Published on 16 de May de 2022
We live in a fast-changing world. AI is becoming more relevant, particularly, 50% of insurance claims are estimated to become automated with AI by 2025. The reason is simple: clients have new needs, and we need to understand what they want to keep them as customers. With that in mind, today, we are explaining to you how AI helps you know your Commercial Lines Clients better.
In the beginning, adding new technologies to your department might sound challenging, but the truth is that it is easier than expected. AI will help you not only to understand your clients better, but also to boost your productivity. But, bringing the focus back to the clients, these are some reasons why AI will help you to understand better your clients:
Acquisition of a policy
Traditionally, getting insurance has been time-consuming, with not many contact between both parties. Nowadays, this procedure is changing thanks to AI.
With this technology, insurers can gather data for developing risk profiles, discover business opinions on the internet to know better the behavior of the commercial lines’ clients before they purchase their services. This way, acquiring a policy is faster because manual tasks are fullfilled with AI.
Make better decisions
In Commercial Insurance Processes, large amounts of clients’ data are analyzed daily. The implementation of AI in these processes makes it simple to manage the data and keep it updated.
For insurers, this means that they can rely on more trustable information that has been updated with the possibility of having it updated in real-time and making decisions based on real-time data.
Speed up processes
AI reducesthe time that was commonly spent on manual tasks. The algorithms developed with AI make it possible to gather all the information needed for insurance processes updated and accurate.
This way, insurers will become more productive since they are investing time in more effective tasks.
Risk evaluation
With AI, insurers can collect and evaluate the clients’ data in real-time. In other words, all that they analyze is updated and offers them the option of anticipating the new needs of the clients, offering the best products before the time, and evaluating different risks accordingly to the updated status of each client.
It offers a more accurate perspective of the underlying risk.
Anticipate questions
The best way to help your clients is to be there for them. For the questions that a client might ask, insurers can also anticipate them with AI, and if not, give them solutions based on the updated status of their policy. Also, tools such as chatbots or voice AI that can assists with basic queries, saving time to the agents that might have difficulties arranging calls due to this is time-consuming, and then the clients are happy because they get answers in real-time.
Recent years have seen a number of new insurance offerings that rely on AI to support underwriting. As underwriters become more comfortable with the way in which these products work, and new products being offered. While there are still some challenges to overcome, it seems likely that this is the future of AI in insurance. If you would like to try it, you can get a free demo with us. Please contact wenalyze@wenalyze.com
