Manan Sagar, CEO of Gallagher Bassett UK, joined the team in February of this year and is committed to driving superior outcomes for GB’s clients and customers. In part one of this interview series Manan discussed technology trends in the insurance industry and how GB is embracing them.
In part two, Manan joins us to look at the hot topic of AI and delves into its potential to improve the customer journey.
Q: Customer journey is one of the key ways that AI is predicted to improve the insurance industry. How do you see this evolving?
AI has the potential to significantly enhance the customer journey in the insurance industry. As technology continues to advance, AI-powered solutions are becoming more sophisticated and capable of delivering personalised and seamless experiences to customers. Here’s how I see the evolution of AI in improving the customer journey:
- Automated customer support: AI-powered chatbots and virtual assistants are already being used to provide instant and accurate responses to customer queries. These chatbots can handle routine inquiries, guide customers through the insurance process, and even assist with claims filing. As AI algorithms improve, chatbots will become more intelligent, understanding natural language and providing more personalised assistance.
- Personalised recommendations: AI algorithms can analyse vast amounts of customer data to identify patterns, preferences, and risks. This enables insurers to offer personalised policy recommendations based on individual needs and circumstances. AI can also suggest additional coverage options or policy upgrades that align with a customer’s specific requirements, improving the overall customer experience.
- Streamlined underwriting: AI can automate and streamline the underwriting process by analysing customer data, historical claims data, and external data sources. This allows insurers to assess risks more accurately and efficiently, resulting in faster policy approvals and reduced paperwork for customers. AI can also help identify potential fraud or misrepresentation, enhancing the integrity of the underwriting process.
- Claims processing: AI can revolutionise the claims process by automating various tasks, such as document verification, damage assessment, and fraud detection. AI algorithms can analyse images, videos, and other data sources to assess the validity of claims and expedite the settlement process. This reduces the time and effort required from customers, leading to faster claim resolutions and improved customer satisfaction.
- Risk prevention and mitigation: AI-powered devices and sensors can monitor risks in real-time, such as home security systems or telematics in vehicles. By collecting and analysing data, AI can identify potential risks and provide proactive recommendations to customers on how to mitigate those risks. This not only helps prevent losses but also strengthens the relationship between insurers and customers by demonstrating a commitment to their well-being.
- Enhanced fraud detection: AI algorithms can analyse large volumes of data to identify patterns and anomalies that may indicate fraudulent activities. By continuously monitoring transactions, claims, and customer behaviour, AI can detect suspicious patterns and alert insurers to potential fraud. This helps protect both insurers and customers from fraudulent activities, ensuring a more secure insurance environment.
When considering the key stages of the claims process, what impact do you see AI having on each of them in the future?
Naturally, some areas of the claims process lend themselves more inherently to improvement via technological advancement, but it should also go without saying that we will always need customer service specialists with empathy, instinct and specialist expertise, it is about augmenting the human. There are a few claims stages that I believe can benefit greatly from AI, freeing up our best people to do the important work, and improving the customer journey with a faster, more efficient claims process for all. They include:
- Claims Intake: This is one area that could benefit significantly from a reduction in manual data entry, by automating data extraction from the documents submitted, ultimately speeding up the intake process.
- Triage: AI can also help prioritise an influx of claims based on key factors to determine urgency versus routine claims.
- Assessment: Assessment is another data heavy stage of the claims process that AI can assist with. For example, the automation of damage evaluations, collating repair costs, validating documents, images and estimates/invoices, and summarising expert evidence.
- Payment: AI assisted payment setup, validation and authorisation can reduce time leading to faster payouts.
- Communication: This isn’t a singular stage, but rather a constant task that AI can help us keep on top of, keeping customers consistently informed throughout the claims process through proactive updates. The use of AI powered Chatbots and Virtual Assistants guiding customers through the claims process can also assist in managing expectations and in turn improving the customer journey.
Overall, AI has the potential to transform the customer journey in the insurance industry by providing personalised recommendations, streamlining processes, improving efficiency, and enhancing customer satisfaction. As AI technology continues to evolve, we can expect even more advanced and seamless experiences for insurance customers.
The future of the insurance industry is bright, with technology playing a pivotal role in driving innovation and improvement. At Gallagher Bassett, we are excited to be at the forefront of this transformation, continually seeking ways to enhance our services and deliver superior outcomes for our clients. If you would like to discuss how we can help you improve your claims management, contact us today.
