My company uses AI to deal with clients. Is that good or bad?

Background story: I am a financial consultant.

I help my clients get the best retirement plan and pay as little tax as possible…

I am also helping my clients make more of their money by boosting their savings, investing and getting them returns much higher than inflation.

Finally, I help my customers get the coverage they need, whether it is for their mortgage, their dental, their cars, or their life…

And in all those categories, I use AI to process my clients request…

AI has significantly enhanced efficiency in the insurance industry, revolutionizing various aspects of my role.

One notable impact is in claims processing.

With AI-powered algorithms, claims can be processed faster and more accurately than ever before.

?For instance, AI can analyze large volumes of data from different sources, such as medical records and accident reports, to assess claim validity and determine appropriate payouts.

This not only speeds up the claims process but also reduces the likelihood of errors or fraudulent claims slipping through.

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Another area where AI has improved efficiency is in underwriting.

?Underwriting is the process of evaluating and assessing risks associated with insuring individuals or entities and determining the appropriate premiums and coverage based on those risks.

In plain English, underwriting is “Are We Gonna Take You as a Customer or Not?”

Traditionally, underwriters had to manually review extensive amounts of applicant data to assess risk and determine premiums.

However, AI algorithms can now automate much of this process by analyzing data points such as credit scores, driving records, and health histories to make more accurate risk assessments in a fraction of the time.

This allows underwriters to focus their attention on more complex cases, ultimately streamlining the underwriting process and improving overall productivity.

Asa result, when you call me for any life insurance need, I can give you a response in a couple of minutes… (It used to take one month before AI)…

Finally, AI has also improved UX in Customer Service.

Moreover, AI has also transformed customer service within the insurance industry. Chatbots powered by AI can handle routine inquiries and claims submissions, providing customers with immediate assistance and freeing up human agents to handle more complex issues.

These chatbots can utilize natural language processing to understand and respond to customer queries in real-time, enhancing the overall customer experience and reducing wait times.

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Overall, AI has had a profoundly positive impact on efficiency in the insurance industry by automating processes, improving accuracy, and enhancing customer service.

By leveraging AI technology, insurance professionals can work more effectively, leading to increased productivity, cost savings, and improved customer experience.

Xavier Lannes