Insurance Carriers Need to Be Leveraging AI to Strengthen Relationships

Insurance Carriers Need to Be Leveraging AI to Strengthen Relationships
While the terms ‘artificial intelligence’ or ‘AI’ may sound intimidating to some, today’s consumers are already using this technology in their everyday lives. Some common examples of AI include the option to make smart replies in Gmail, Google predictive searches, Amazon product recommendations, and Spotify music suggestions.
The Increasingly Important Role AI is Playing in the Insurance Space
With how much this technology has immersed itself into consumers’ lives (often without them realizing it), it’s no surprise that AI is playing an increasingly important role in the insurance space. The hours following damage to a property are generally very emotional and stressful for the property owner. In addition to taking in the damage, their minds quickly become overwhelmed with the time-intensive tasks that are often associated with filing an insurance claim. However, insurance carriers that leverage AI to solve the problem with empathy and streamline the claims process set themselves up to strengthen relationships with insureds and earn their undivided loyalty.

When Done Right, AI Provides Intuitive and Proactive Customer Care
Today’s insurance marketplace is more competitive than ever, especially as we see a number of InsurTech companies pop up. That’s why it’s critical that insurance carriers lead with a customer focus. Technology is playing a growing role in the insurance industry, and consumers are becoming accustomed to shopping for insurance and filing claims online. Offering an AI component that streamlines this process for prospective customers and provides an intuitive and sympathetic ear throughout will give insurance carriers a welcomed boost in their customer care strategies.

With the intelligence and machine learning that AI provides, this technology has the potential to disrupt the entire insurance industry. Specifically in regards to properties, AI can leverage smart technology to put the wheels in motion for dealing with an incident (for example, a house fire) before the property owner can even process what’s happening.

By leveraging AI, insureds are able to pass along the emotional and stressful burden of processing an insurance claim to the carrier and receive customer care in real-time. Through offering the smart inspection technology and analytics that AI provides, the idea is that consumers will no longer just view insurance as a monthly payment and instead also come to see an insurance partner as a trusted advisor.

How Insurance Risk Services Can Help
Our team at Insurance Risk Services has been partnering with property and casualty insurance carriers for nearly 40 years to provide accurate and thorough underwriting support. We utilize the latest inspection technology when performing in-person property inspections to help our insurance carrier partners best determine which risks are worth making. Contact us to learn more about the types of inspection technology we use to add value to both property owners and our insurance carrier partners.

We’re delighted to announce that Insurance Risk Services will rebrand to Davies in the near future.

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