As research shows, today 61% of surveyed Russians regularly use services containing artificial intelligence: navigation devices and online maps, smart speakers and voice assistants, chat bots and much more. The insurance industry is not left behind. The life insurance market is more conservative than, for example, the banking market. In this way, we are increasingly using artificial intelligence at all stages of our business processes, from evaluation of the insurance object (pre-insurance inspection) to making decisions regarding the settlement of claims.
Thanks to artificial intelligence, we managed to reduce the damage payment period from 30 days to five days. The next goal is to resolve claims within minutes.
Thus, thanks to the introduction of artificial intelligence technologies, the insurance company will always be close to the person who finds himself in a difficult life situation. I call this kind of great experience insurance with a human face – this is exactly the goal we strive for.
Additionally, starting this year, life insurance companies will begin implementing the AI scoring model to not only offer endowment life insurance (CI) programs in a targeted manner, but also to provide more fair pricing. Artificial intelligence will help insurance companies switch to more flexible products: a person will create a program for himself, just like a designer, and the price will be automatically calculated based on his preferences and personal data: lifestyle, place of residence, profession, work presence bad habits, etc. Artificial intelligence’s ability to analyze automatically will give us the opportunity to offer individual tariffs to everyone.
Also, thanks to artificial intelligence, situational insurance will appear: a person will have a “digital profile” with detailed information about his personality. This will allow him to connect or disconnect, at the right time, one or another group of insurance services or risks covered by the insurance.
One of the most important goals of life insurance is to increase people’s well-being. To do this, we need to qualitatively change the approach to product creation and focus products on the real needs of each individual at a particular moment. The introduction of artificial intelligence will help us solve this problem.