Amidst the growing call to enhance the customer experience, many believe the time is now to incorporate artificial intelligence (AI) across the entire customer lifecycle. However, while this technological advancement holds immense promise, concerns have emerged regarding the potential detachment from human interaction, which some consumers may find disconcerting. Several industry experts weighed in on the debate as part of the Professional InsurTech Certificate course.
Speed and efficiency is often seen as one of the most demanded aspects of a claims procedure from a customer point-of-view.
By leveraging AI and machine learning algorithms, automation can streamline claim submissions, assessments, and payouts, reducing manual errors and processing times.
This not only enhances operational efficiency but also improves customer satisfaction by expediting claims processing and resolution. Ultimately, this can position an InsurTech competitively in the ever-evolving insurance landscape.
However, in an area as personalised as insurance, there are some that believe human interaction will always have to play a role as AI can inherently lead to biased offerings.
Speaking on the much-lauded Professional InsurTech Certificate course, Brent Williams, Founder, CEO and President of Benekiva gave his view on the controversial topic. Claiming that there is room to utilise both your workforce and AI alongside each other.
He said, “For certain claims, I don’t know if we will ever get rid of the human interaction altogether. At the end of the day, there are certain points in the claims process where people will need to interact with others.
“With that being said, for some of the more mundane tasks, there is no reason that you can’t use technology in those instances to streamline those processes. This will allow the human capacity of your organisation to have extra time to deal with those human interaction cases. That’s where your staff really want to be.
“We did three years of research, and there is a misconception that carriers don’t want to pay claims. We learnt that this was quite the opposite. Claims staff are very passionate about paying claims, but they want to pay the right claims, at the right time, to the right people.
So that’s why I believe that if you weave technology into your claims process you will increase your capacity and see all kinds of value added to your solution. Customer experience will get better, your internal claims staff experience improves, and so on.”
To listen to the whole presentation, enrol in the Professional InsurTech Certificate.
About the Professional InsurTech Certificate:
The Professional InsurTech Certificate course offers a comprehensive and practical exploration of Insurance Technology (InsurTech) for professionals operating in the insurance industry. With a focus on practical applications, the course covers vital topics including the fundamentals of InsurTech, adoption strategies for insurance companies, regulatory perspectives, data analytics, customer engagement, claims processing, risk assessment, and emerging technologies like AI and ML tailored specifically for the insurance sector.
Distinguished by its holistic approach to the InsurTech landscape, this course integrates real-world case studies with insights from leading InsurTech innovators and senior leaders from insurance companies.
You can enrol here.
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