By 2030, 55% of insurance policies issued will have an Artificial Intelligence component, according to what was revealed during the event. Over Complaints & Customer Centricity“, organized by the Italian Insurtech Association, which examines the benefits and risks associated with the use of Generative AI in the insurance sector.
According to the example analyzed by the IIA – more than 30 players including large companies and leading Italian insurance brokers (with about 90% of the top insurance companies in Italy) – intelligence will be change for the first two sections of the cover. section: and management says and which customer centricity. Although, as researchers say, by 2030 more than 50% of policies will have artificial intelligence, only 10% of the company’s investment will include AI, and this is n ‘because this technology is easy to enter into a useful price.
According to the data collected by the association, by 2024 Italian insurance players will invest approx. 50 million euros in intellectual solutions, which will benefit the aforementioned parties. Suffice it to say that according to the research of the IIA, in 2030 85% of insurance companies will see an intelligence component in the management system. Furthermore, it is expected that in 2030, 9% of claims will see the connection of the part of Blockchain and control systems, leading to increased automation of the sector, in line with the gradual increase (+ 22% CAGR) of solutions related to data management, such as parametric solutions, IoT and wearable solutions.
As EY research shows, Expressed (Re) Generation: the power of Generative AI and charge management, between benefits and risks, created in collaboration with the IIA and presented today during the event, Generative AI will change the management of claims for 96% of those interviewed. More specifically: for 88% of those interviewed the benefits of AI Gen are associated with an increase in productivity and operational efficiency, for 63% there is a reduction in costs, for 50% the support of risk management and the prevention of insurance fraud and, again for 50%, relationship improvement with customers.
Furthermore, 82% of insurance companies and marketers believe that by 2030, the customer contact and management experience will be standardized and improved thanks to artificial intelligence solutions, chatbots and co-pilots first and the first. According to the IIA research, by 2030 90% of companies will measure customer satisfaction by contacting them directly, while only 28% of companies do this method.
Due to the analysis of customer data, insurance companies can offer customized policies that fit the needs of each individual. This can improve the customer experience and therefore increase the likelihood of a purchase, and greater loyalty.