Page 45 - The Insurance Times October 2024

By adopting AI-led innovation, insurers can achieve more Accelerating Insurance with AI - Benefits
with their efforts for customer value marketing as well as of Personalization
responsive customer servicing. While smarter chatbots,
sentiment analysis and real-time claim tracking can As per a May 2024 survey by EY, 82% of large insurers
(greater than US$25 billion direct premiums written) cite
rejuvenate the reactive strategies, customer loyalty
productivity gains as a primary driver for implementing
programs and triggers can help insurers become more
proactive. Personalized journeys can be delivered through: GenAI. Improvement in customer journeys through
enhanced productivity will also play a significant role in
Data-driven customized offers
boosting loyalty and bottom lines.
Hyper-personalized campaigns
GenAI-enabled hyper-personalization revolves around being
Insights-powered outreach for deeper understanding
proactive in understanding the customer's preferences and
Consistent omnichannel experience behavior, and creating campaigns and communications that
Contextual, empathetic response with natural language are custom-fit. It leads to multiple benefits for insurance
processing providers:
Better customer satisfaction and financial well-being
Interactive communications to nudge response
Reduced risk of frauds & abandonment
Personalization based on Moments of Higher engagement and customer retention/loyalty

Truth Time & cost efficiency
Lower expenses and losses with intelligent claims
Life journeys are woven with moments of truth or events
system
that deeply impact a customer. Marriage, additions to the
family, retirement, buying a property or accidents are some Final words
decisive moments that offer an opportunity to insurers to
While insurers collect and analyze data to have their best
make a lasting impact and derive value. The quality of shot at offering personalized services and solutions to
service offered can determine whether a customer stays or
customers, compliance can be an issue if there's the slightest
makes a switch. lapse in data security. To steer clear of such risks, providers
must adopt a technology platform that offers end-to-end
Insurers can deliver value-added solutions, services and
communications based on the extensive customer data by transformation, ensures security layers and delivers 100%
compliance with global regulations. Newgen has ample
leveraging GenAI. Here's the process that leads to
experience with insurance journeys, and a proven expertise
personalized campaigns and proactive communications:
in leveraging GenAI for customization.

By following these steps, insurance providers can acquire-
engage-retain customers to maximize CLV. About Ritesh Varma
In the last two decades of his stay, Ritesh has been
The communication loop can also be made more empathetic
with GenAI. During the stage of raising requests, multi- instrumental in expanding Newgen’s presence from
being a local Indian player to the globally recognized
channel initiation through social media, emails, web portal
product organization it is today. Ritesh is an SME in the
or SMS would present a wide range of options for BFSI and Shared Services (BPO/BPM) industries and
policyholders. By leveraging Natural Language Processing
Workflow Management, Information Management, and
(NLP), insurers analyze context and sentiments. Based on
Digital Automation tools. His core forte is in Retail and
this analysis, the insurer responds through the preferred Corporate Banking, in process revamping using BPM,
channel of the customer, sending a contextual message that RPA, and Analytics to achieve operational efficiencies.
is focused on resolving the issue.

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