More than the future, AI is the present. This is demonstrated by its daily use in many day -to -day fields, their prodigation in young population sectors and with broad digital education and the commitment of the most leading technological companies in the world for its implementation. It is also the present for the professional insurance sector: an industry that has a lot of information and that faces the challenge of managing it – adequately and efficiently -, for the future.
At present, insurance companies manage an enormous amount of what, in reality, is the heart that makes any artificial intelligence work: information. They manage more data than ever of their customers – habits and modes of consumption, among others – but face the challenge of their management. According to the latest Ascendant report, prepared by Minsait – unity of Indra Group Dedicated to the impulse and digital transformation of business and society -, more than half of the insurance companies use AI with the same motivation: to improve the efficiency of processes that normally require excess of resources, effort and time for both companies and customers. In fact, a third highlights the optimization of customer experience as one of its strategic priorities.
According to Minsait’s research, an effective model to directly and diligence directly and diligence is the way to make entities more competitive. In the human use of artificial intelligence it beats its full potential to be able to interpret all customer knowledge in real time and connect it with their emotions, desires and desires. We are heading, in the words of Militza Castillo, head of business development of Salesforce of financial services in Minsait, towards a new digitalization with the people located in the center of development: “Without the combination of the human and talent, the insurance market will not be competitive.”
Hyper-personalization: the vault key of the future
The AI capacity to analyze unstructured data, such as calls, emails and documents, has been crucial to anticipate the needs of the client and improve their experience. In the case of Mutua Madrid, accessing the data of more than seven million annual calls has allowed to detect opportunities in the relationship with the client that were not evident through traditional analysis, maximizing each interaction. “In this line, in our entity we are betting on generating more information thanks to complementary services to insurance, such as those that provide mutual, our innovative application of comprehensive services that allows us to obtain information from the use of parking meters, tolls, taxis, carsharing and alarms, among many others,” says Judith Gil, director of transformation and projects of Mutual from Madrid.
For its part, Mapfre has developed Alejandría, one of the most advanced initiatives in Spain that aims to be a multisectoral data ecosystem and has already managed to create more than 4,000 data points that did not exist previously. In this way, the bases for a more effective and precise hyper-personalization are established. “We see the AI as a lever for all the strategic objectives of the company, also including everything that has to do with the generation of business and to be able to give a better experience to our clients,” says Ubaldo González, Chief Data Officer In Mapfre Spain.
On the other hand, says Ana Ariztegui, responsible for digital and data analytical solutions within the Helvetia Seguros technology and data area: “Our strategy is to be a customer life partner. The more we know about your life, the more we can be where it really matters. Therefore, in recent years, the customer value model, customer knowledge and the clear commitment to their satisfaction, has developed in Helvetia with new platforms and with equipment that have been formed at the same time with technology. ”
Along with this, fraud detection is another of the most relevant points in which AI can mean great changes in the operation of the sector, since it eliminates possible errors or inaccuracies. Other cases of use of the sector go through the automation of real -time responses, the management of claims applications through image analysis or the prediction of the purchase intention or the renewal of a policy from behavior patterns.
Challenges before a personalized future
Minsait’s investigations are combined in the present and look at the future with optimism. They offer various conclusions but among them highlights the fact that the person remains the key element to achieve the best results of any entity, both in service provided to the client and for business benefit. Precisely for this reason, the adoption of artificial intelligence in the insurance sector faces significant challenges that pass through the quality of the data collected, the integration of multiple sources of information and the regulation in terms of ethics and transparency.
In architecture, the vault key is known as the central part that supports any vaulted construction, due to its design to support the pressure of all loads. Without it everything collapses. Despite the doubts that still generates, the use of AI and the development of hyper-personalization are the vault key of the future of the insurance sector.
Its current implementation and its great roots in the entities that use it regularly, demonstrates not only that it works but also houses great potential. Without it few companies will be able to sustain the demands of renewal that the imminent future asks for, because artificial intelligence will not only optimize processes, but to transform the relationship between insurers and their clients.
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