The Human Touch: The Untapped Opportunity for Making AI Work for Insurance
March 20, 2020 by Reginald Twigg, Ph.D.
Customer acquisition and retention remain the essential drivers of insurance revenue and profit. However, knowing how to create experiences to acquire and keep customers happy remains challenging. A new breed of competitor—InsureTechs—target smart technologies at the customer experience and are disrupting the status quo for traditional insurers. What Fintechs did in consumer banking, InsureTechs are doing to transform insurance customer experiences through smart mobile apps, integrating the phone’s camera as an input channel, and collecting data to target personalized offerings.
Artificial intelligence (AI) technologies show a lot of promise in transforming customer acquisition and retention, yet it is all too easy to assume that better technologies can, in themselves, transform customer experience. What’s missing in these discussions is the human factor in the use of AI technologies: how AI tools can effect change in customer experience and operational excellence by focusing on the interactions of people, process and content. Competing digitally means targeting AI to remove friction both from the customer experience and processes that directly support it.