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AXA Winterthur of Switzerland tops the AI category at this year’s Efma-Accenture Innovation in Insurance Awards.
Insurers throughout the world are looking to artificial intelligence (AI) to change how they conduct business. We found that 63 percent of insurance companies expect AI technologies to completely transform their organizations within the next three years. Our research shows that 67 percent of insurers believe AI will be critical to their organizations’ ability to differentiate themselves from competitors, while 75 percent plan to use intelligent technologies to automate tasks, to a large extent, in three years.
Enthusiasm for AI among insurers was evident at this year’s Efma-Accenture Innovation in Insurance Awards. More than 20 firms from the insurance industry submitted innovations using AI. Submissions came from a wide range of countries including Turkey, Kenya, India, Australia, Italy, Belgium and the USA. France submitted the most applications; an indication of the strong commitment to AI among French insurance specialists such as Allianz France, CNP Assurances, Groupama, La Mutuelle Générale, Natixis Assurances and April.
A key feature of the AI innovations submitted this year was the diversity of the application of this powerful technology. Forward-looking insurers are applying AI to enhance the customer experience, improve the efficiency of their employees, refine their in-house systems and processes and promote innovation within their organization. They’re deploying AI solutions to increase the effectiveness of operations across the whole insurance value chain, from underwriting to claims management and customer service.
AXA Winterthur of Switzerland was this year’s winner in the AI category of the Efma-Accenture Innovation in Insurance Awards. Its self-service chat facility, SIRI-Bution, allows employees at the company to easily retrieve complex information by speaking or typing requests using conversational language. Developed by start-up Veezoo, a recent winner at Zurich’s Kickstart Accelerator program, SIRI-Bution has substantially simplified and quickened information retrieval at the insurer. It has also encouraged employees to increase their requests for information and thereby equipped them to better assess risks and improve decision-making.
Australian life-insurer TAL was the runner-up in AI category. Its WunderWriter AI system enables the company to audit all of the many thousands of insurance applications it receives every year through its direct and indirect channels. This intelligent auditing system identifies applications that might contain inaccurate information and routes them to TAL’s quality assurance team for closer scrutiny. Before the company implemented WunderWriter, it was only able to audit around two percent of the applications. The AI system has greatly improved underwriting productivity at TAL. It has also enabled the company to enhance its risk assessment and the customer experience it delivers.
Third in the AI category was MetLife US. The company is using an AI system developed by Cogito to help its contact center staff improve their interactions with customers. The Cogito system monitors the emotions expressed by customers during their conversations with contact center personnel. It then prompts the call center agents to better respond to customers’ emotional needs. The system also monitors the agents’ emotions and, where necessary, tells them if they are sounding tired or detached. Cogito developed its emotional intelligence software to help the US military detect post-traumatic stress disorder among its personnel.
Among the many other impressive AI applications submitted for this year’s Efma-Accenture Innovation in Insurance Awards, two especially stood out.
Zurich UK has applied AI to develop a “selfie” app that encourages young people to inquire about life insurance. The insurer is encouraging consumers to use its FaceQuote app to submit a photograph of themselves. In return, Zurich sends them an estimate of their age and, based on this estimate, a quote for a ten-year insurance policy worth £100 000. FaceQuote, which uses intelligent facial-recognition technology to estimate the age of people in the photographs submitted to Zurich, is intended to challenge the common belief that insurance is complex and expensive. It is eliciting around 4 000 “selfie” submissions a month.
Aksigorta in Turkey is using AI to automate repetitive, data-intensive claims-management tasks. The Aksigorta Digital Assistant (ADA), developed with Accenture, has increased the speed and accuracy of the insurer’s claims management and transformed its back-office. The intelligent solution incorporates a powerful document classification engine that categorizes thousands of claims documents each day. It has improved decision-making among Aksigorta employees and, by reducing their workload, enabled them to focus on more value-added activities. Aksigorta expects ADA to process around 500 000 documents a year.
Take a look at the EFMA – Accenture Innovations in Insurance database to see some more smart AI Based submissions from insurers around the world.
For further information about the awards click onto the link below.
For more information about the growing application of AI in insurance follow this link.Ai Refines Insurance