Page 18 - Insurance Times January 2024
P. 18

A strategic view on


         how digital



         technologies and


         Artificial Intelligence

                                                                                               Neeraj Kaushik
         will influence US Life                                                     Principal Consultant at Infosys
                                                                                           McCamish Systems, US.
                                                                                           ALMI, FIII, Fellow-RMAI
         Insurance Sector in


         next decade






           Traditional methods and intricate procedures have long been associated with the life insurance
           industry. Modern product technology, however, has recently taken over the market and changed
           the way life insurance is purchased, offered, and handled.



         Introduction:                                        Lemonade Insurance's
                                                              potential to use artifi-
         Traditional methods and intricate procedures have long
                                                              cial intelligence to up-
         been associated with the life insurance industry. Modern
                                                              end the traditionally
         product technology, however, has recently taken over the
                                                              conservative  insur-
         market and changed the way life insurance is purchased,
         offered, and handled. This blog examines how over the next  ance business is a sig-
         ten years, the US life insurance industry will likely undergo  nificant component of
         a transformation brought on by cutting-edge technology and  its sales pitch to inves-
         artificial intelligence. These game-changing technologies give  tors and clients. It pro-
                                                              motes      amiable
         insurers unheard-of chances to improve consumer experi-
         ences, streamline operations, reduce risks, and develop  chatbots like AI Maya and AI Jim that assist users in down-
         cutting-edge products.                               loading the Lemonade app, signing up for products like
                                                              homeowner's or pet health insurance, and submitting claims.
         1. Customer-Centric Personalization:                 Additionally, it has collected hundreds of millions of dollars
                                                              from investors in the public and private markets, mostly be-
         Digital technologies enable insurers to create tailor products  cause to its posture as an AI-powered tool.
         and services suited to meet individual customer needs. AI-
         driven data analysis facilitates the creation of personalized
         insurance plans, enhancing customer satisfaction and loyalty.  2. Data-Driven Underwriting:
                                                              AI and data analytics enable more accurate risk assessment,
         Case Study: Lemonade utilizes AI to provide seamless insur-  allowing insurers to refine underwriting processes and make
         ance experiences. Their platform uses chatbots and AI algo-  better-informed decisions, ultimately leading to improved
         rithms to process claims quickly, enhancing customer trust.  profitability.

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