Human touches and AI: Closing the P&C protection gap and insurance literacy.

In the Global Insurance Report 2023: Closing the personal P&C protection gap report, 麦肯锡 shows that insurers in both developed and developing countries struggle to design products fit for the evolving and emerging risks that modern personal lines consumers demand. Evolving customer needs, and a more complex environment requires reinventing personal P&C value propositions. Going forward, the leaders in personal P&C will be those that embrace the industry’s role in society and ensure coverage is provided where it’s needed most, improving and adding new risks to cover bigger addressable markets both in traditional core personal lines and in adjacencies.

In the recent sustainable features report, extreme weather, insurance literacy rate, and cyber risks were mentioned by Anthony Day in a discussion with Christophe Bourguignat . With the heavy clouds shrouding the labor market in this economic challenge, businesses and consumers continuously optimize costs;? insurance cost is no exception!?

What initiatives are carriers and producers taking to help close the protection gap and maintain policyholders’ interest while doing more with fewer resources??

We gathered a few examples here to share with you.? In the recent roundtable discussion at Nationwide , Jeff Rommel , Senior Vice President of Property & Casualty Sales and Distribution, encouraged agents to reach out to policyholders proactively and act as trusted advisors to maintain and nurture relationships as premiums will inevitably increase. To help the agent distribution channel, Tiffany Grinstead , Nationwide Vice President, P&C Agency Marketing, spoke about providing independent agents with more marketing materials, without industrial jargon,? to aid agents in explaining how and what policyholders can benefit from nationwide coverage.

Similarly, in France, Groupe Crédit Agricole also shared more about using A.I. tools such as Zelros’s agent coaching app to help bank advisors increase their productivity and cross-sell conversion rate for life & health insurance products. Thank you, Charlène Berthier and Louis Lairie , for capturing this moment of your sharing day at Crédit Agricole Charente-Périgord ! Getting feedback from our users is absolutely priceless as it helps us continuously improve the Zelros platform and make it even better!"

Last but not least, Florian Graillot , in his Insurtech weekly #fgtrends, mentioned a recent partnership between Lemonade and BNP Paribas Cardif to enhance the digital subscription process. He went through the user experience details here and spoke about what could be improved. In the process of acquiring leads and sending quotes, there will always be the question of balancing between asking enough or too much.?

Needless to say, asking the right questions is a powerful tool. But where do you start? What kind of homework can be done before asking further questions? Linh Ho , CGO at Zelros , shared more on how to collect zero-party data and use A.I. and generative A.I. technologies for further personalization and precision in serving the customer better!

In March, the Zelros recommendation tool was mentioned along with #chatgpt in Forrester 's recent report on The Future Of Customer Insights Will Power Next Best Experiences, written by Brandon Purcell . Zelros AI tool is also defined as a top A.I. opportunity in P&C insurance. Read more from this report here, written by? Indranil Bandyopadhyay. More reports are pointing to the same direction!? 英伟达 has just released its annual report: 'State of A.I. in Financial Services: 2023 trends'. Here are the three takeaways from the top A.I. use cases survey:?

?? Large Language Models give new momentum to NLP, now back #1 this year

?? Recommender systems keep on skyrocketing. Now ranked #2

?? Time for efficiency: portfolio optimization jumps to the #3 position

As we wrap up this newsletter, we would like to take a moment to recognize Women's History Month. Hear more from Laura Drabik (Chief Evangelist at Guidewire Software ), Lisa Wardlaw (former CFO at Farmers Insurance and Chief Strategy Officer at Munich Re ), and Sabine VanderLinden (Co-founder & Managing Partner of Alchemy Crew Ventures ) about creating inclusive environments and how women have made significant contributions throughout history--and continue to do so today!