?? AI in Insurance 2024: Case of Allianz

Welcome to our new insights series, AI in Insurance 2024: Movements of Insurers & Implications on Travel Insurance?

In our first edition, we're putting Allianz under the spotlight, having invested a hefty $5.7 billion in AI and technology back in 2022. Let's explore some use cases of Allianz's AI applications and how they can be applied to the travel ecosystem.

CASE STUDY?

AI-Powered Claims: Streamlining the Customer Experience at Allianz

Source: Allianz. (2023, November). How AI could change insurance.?

Weather Alert Tool - Informs users of impending severe weather.

??Travel Insurance Applications Suggestions:?

• Enable proactive travel itinerary changes with live, AI-driven weather notifications to minimize disruption.
• Incorporate weather-triggered policy enhancements, offering temporary coverage boosts during extreme conditions.
• Introduce new parametric weather cover options that automatically disburse payouts when predefined weather metrics (like hurricane wind speeds, or rainfall thresholds) are met

Real-Time Accident Detection - Automatically notifies of motor accidents as they occur.

??Travel Insurance Applications Suggestions:?

• Integrate immediate accident response services into travel insurance apps, providing essential support at critical moments.
• Automate the initiation of assistance and claims after an accident, ensuring timely help and streamlining customer experience.

Claims Assessments & Settlements - Speeds up the verification and payment of claims.

??Travel Insurance Applications Suggestions:?

• Use AI for quick claim processing, providing updates and reimbursements promptly, reducing wait times for travelers.
• Innovate with AI to allow travelers to handle claims before their journey ends, ensuring peace of mind.

Fraud Detection - Utilizes analytics to detect fraudulent claim activities

??Travel Insurance Applications Suggestions:?

• Leverage AI to analyze claim trends and flag high-risk claims based on historical fraud patterns specific to travel insurance, such as duplicate claims for the same trip event or mismatched itinerary details.
• Utilize AI to provide immediate feedback to agents on potential fraud risks, allowing for quicker response and investigation, thus preserving the trust and security that customers place in your travel insurance brand.

AI PARTNERSHIP MOVEMENTS

?? Allianz & Munich RE

Allianz Life has joined forces with Munich RE for the rollout of ALLFINANZ SPARK, a SaaS-based automated underwriting solution designed to enhance the customer experience with faster, more digitized underwriting processes.

?? Allianz & pand.ai

Allianz Insurance Singapore has embarked on a strategic partnership with pand.ai, bringing to the table an intelligent, AI-powered chatbot tailored to elevate customer service with advanced natural language processing capabilities.

?? Allianz & Cytora

Allianz has collaborated with Cytora to integrate an AI risk processing tool that sharpens risk assessment for personalized customer solutions, streamlining and hastening the underwriting journey.

?? Allianz & Control Expert

Allianz partners with Control Expert, harnessing AI to transform motor insurance claims into swift, three-minute settlements.

ANCILEO’S PRE-SALES CONSULTING SUPPORT

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• Revenue Growth: Explore modules designed to bolster your portfolio's financial performance.
• End-to-End Customer Experience: Refine the traveler's journey with AI-driven tools and personalized engagement strategies.
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Contact us to learn more

This reading is a part of the AI in AI in Insurance 2024: Movements of Insurance Giants & Implications on Travel Insurance. You’ll get an email weekly on the case studies of how industry players are using AI to transform their insurance value chain in various verticals.

Meanwhile, you might be interested in our past content releases:

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• 2024 Top 50 Airlines Travel Insurance Benchmark
• 2023 Top 30 OTAs Travel Insurance Benchmark

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• 2023 France Travel Insurance Outlook
• 2023 USA Travel Insurance Outlook
• 2023 Canada Travel Insurance Outlook
• 2023 Singapore Travel Insurance Outlook

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