Insurance issues can sometimes be frustrating. For example, Twitter user Reinhard Remford signaled on the Twitterperlen online portal that he wanted to report a claim and to do so, registered with his insurer’s online portal. There he only found a phone number to report the damage. When he called them, a tape ad sounded there – with the correct internet address for the damage report.
The case shows that some insurers still have a long way to go to meet customer demands. Insurers have high hopes for artificial intelligence (AI). The software is supposed to sift through large amounts of data, learn from it and make decisions independently. This should relieve employees of traditional inquiries and provide customers with better and faster service – whether it’s for a change of address, which the chatbot receives and notes into the system in real time, or an insurance request. apartment building, for which only a few details are required because the AI can use the address of the property to be insured to identify many things itself. Generali CEO Benedikt Kalteier is primarily concerned with understanding customers better using AI. “Insurers still haven’t figured out what customers want,” he told an SZ conference. The technology could provide information on product design and pricing.
Provincial Council Member Patric Fedlmeier sees the greatest benefit of AI in handling complaints. Instead of clicking through many portals, the customer simply submits a photo of the damaged object, which the AI analyzes. This is not only more convenient for the client, but also cost effective for the insurer. Depending on the industry, 50 to 70 percent of costs are claims costs. “If you could get a percentage point from that, you would have real leverage,” says Fedlmeier. Vendors also have high hopes in the fight against AI fraud.
It is a big task to use the available data
Despite its many advantages, AI is not yet widely used in the insurance industry. “Not everyone has yet understood what power is behind it and what framework conditions are necessary for the use of AI,” said Fedlmeier. Insurers have the vast amounts of data required by technology in-house, but usually not in a form that allows AI to access it. It is a big task to make this data usable. “We have a thick board to break through,” he explained.
Michael Zimmer, Chief Data Officer at Zurich Group Germany, believes that insurers are already using AI a lot, but this is not obvious at first glance. “We are doing AI,” he said. “But we have them in too many different systems.” It’s important to bring AI applications together – and also to talk more about them. “We fail to sell our innovations in a positive way,” says Zimmer. It is important to show what insurers are already doing – also attracting the right employees. Because for aspiring data analysts, an insurer is not exactly the first choice as an employer.
One thing is certain: insurers cannot completely ignore the new technical possibilities. “It separates the wheat from the chaff,” said Daniel Besendorfer, CEO of the Allianz Allianz Technology subsidiary. Those who get involved with AI & Co. will be successful and don’t have to be afraid of internet giants like Amazon. “If you refuse, you will be in trouble,” he believes.