Page 18 - Insurance Times January 2024

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.

The Insurance Times January 2024 17