Artificial intelligence (AI) is set to turn the insurance industry on its head, with 75 percent of insurance executives agreeing that it will significantly transform their industry in the next three years.
This percentage is likely to grow as more and more companies continue to obsess over achieving "digital transformation" — the integration of digital technology into all areas of a business, creating fundamental changes to how the business operates and, most importantly, how it delivers value to its customers.
In the past, business process management (BPM) has always lead transformation in the insurance industry by automating process activities, providing real time visibility into process performance, and enabling faster and easier process change. So today, as providers shift their digital transformation priorities to focus on the customer, many are exploring how AI can enhance the power of BPM, to further optimize complex, data-driven processes, and ultimately deliver better customer experiences.
AI gives BPM an extreme makeover
Insurance organizations already know a lot about their customers. It’s the nature of their business. But having a lot of customer data doesn’t automatically mean an organization is going to be able to provide a unique and engaging customer experience. The key is being able to leverage this data to find patterns and make connections that can trigger and drive business processes that deliver the right content to the right customer, at the right time.
This is where AI comes in. AI takes BPM a step further by applying predictive analytics across data from all business processes to extract insights that help provide guidance on optimization, and also to refine human decision making. This impacts insurance organizations both internally and externally. By implementing more efficient processes, employees can be more effective, while contextual information allows them to provide an appropriate solution to the customer when it matters most- whether that’s an accurate quote, customized policy or claim response.
Improving the insurance process
Think about it. A customer fills out an application online for an insurance quote. The submission will automatically get sent to a process system enhanced with AI capabilities that can determine eligibility. This system is regularly integrating all types of data in real time, so it can use this information to decide next steps for this particular applicant. If the customer only has only minor issues, the system fast tracks them to a chatbot for simple instructions or next steps. If the customer has more challenging issues, it sends the customer directly to a human. Along the way, the system will adapt to new situations and will become more accurate over time.
With AI integrated, BPM is able to provide businesses far more value than ever before. By delivering automated process optimization and cognitive expertise, insurance organizations can leverage these solutions to work in a transformative way, ensuring that data and insights are connecting people with the right information and processes that ultimately lead to a more engaging experience for their customers.