CHAPTER 26Disrupting the Insurance Value Chain
By Abhineet Sarkar1
1FinTech and Innovation Lead, India
Like banking, insurance is an age-old method of securing one’s life, wealth and health for the future. However, insurance seems to be the only industry where innovation can be embedded in each and every part of the value chain.
Generally thought to be a “grudge” purchase or “push product”, unlike investment products, for example, continuing year-on-year premium growth globally indicates ongoing demand. Insurance is not going away – and the opportunities to embed AI, and fundamentally change the way things are done, are huge.
This chapter proposes a practical approach to imbibe an AI strategic framework into insurers’ existing culture, focused on driving specific use cases.
The following is a comprehensive Action List covering:
- Product
- Sales and distribution
- Product management
- Customer Onboarding
- Underwriting
- Customer Services
- Customer Support
- Policy administration
- Claims and settlement management
- Capital management.
Products
Sales and Distribution
- Enterprise analytics using all existing data, and predicting sales behaviours, taking into account various media, social, demographics and third-party resources.
- Real-time predictive analytics on various risk parameters, e.g. to identify customer profiles for upsell or cross-sell.
- Real-time conversational bots, e.g. for agents to address a client’s current and future needs, and for selling of policies on the platform. ...
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