1、The State of AI in Insurance Point of View 2020 1 2 3 4 5 6 Introduction About This Survey Insurance Needs AI. But Why? Key Survey Insights for 2020 Core Challenges to AI Transformation Improving the Customer Experience Journey Collaborating with Insurtechs AI Value across the Insurance Chain Areas

2、with Ripe Investment Opportunity How to Plan for AI in your Enterprise Conclusion Outline 15 17 2 3 4 5 1State of AI in Insurance 2020 Mantra Labs Point of View India accounts for approximately 6% of insurance premium in Asia and around 2% of the global premium volume. However, only around 4% of Ind

3、ias population is insured which is still below the global average. Over the last fifteen years, the old insurance economy has migrated to a fully digitalized marketplace where technology acts as the prime enabler for growth and new profits. In that time, newer market forces have emerged such as youn

4、ger demographics and a growing demand for flexibly-priced insurance products. To bridge the gaps posed by adapting to these complex forces: Artificial Intelligence has helped optimize several core insurance processes such as new business acquisition, channel management, retention and account penetra

5、tion among others. As Insurers continue leveraging AI to match the expectations of simplicity, speed and transparency demanded by their customers the very idea of Insurance itself has begun to shift; passively transitioning into a more bought (by customers) rather than being sold (by agents) conside

6、ration. Insurance businesses have already implemented AI it is a journey that requires time, patience and vision. 6 in 10 insurance executives agree that integrating multiple channels is how they would improve the customer experience journey. We find that their biggest challenge for success is the o

7、rganizations ability in identifying the user precisely and consistently across all journeys. 1 in 3 insurance executives, feel that data kept in silos is a pressing concern, for AI transformation. 6State of AI in Insurance 2020 Mantra Labs Point of View The impact to the overall customer experience

8、depends on the ability to integrate these technologies across all channels. Where carriers have hit a snag is in understanding how to use the right technology and adapting it for that specific channel or touchpoint. Delivering an Omnichannel experience may be the holy grail for insurers, but truly a

9、chieving this can be a long, complex process. A key concern is the synchronization of data in the integration process across all channels including sales channels, ERP, CRM and social media. In 2019, Customer Experience (CX) was on the insurers top-of-mind. Leveraging AI to improve customer touchpoi

10、nts through the use of robo-advisors and chatbots that have voice skills, for instance, is helping deliver a more interactive experience to the end-user. Figure 3: What added measures would you adopt to improve the Customer Experience Journey? Conversational AI, a swiftly growing segment, is transfo

11、rming the way businesses can address their customers routine queries and even assist in processing real-time events like gathering claims information through video. These tools will free up time for the organization and can dramatically improve the speed of service delivery. 7State of AI in Insuranc

12、e 2020 Mantra Labs Point of View Figure 4: OMNICHANNEL FULFILLMENT WITH AI Industry experts agree that the best approach when transitioning to an Omni-channel model is first addressing channel conflict. In insurance, channel conflict typically arises when multiple distribution channels are competing

13、 for the same customer. Delivering a true omni-channel exposure is made possible for the customer by giving them a singular interaction experience and journey continuity with the brand first as opposed to only exposing the customer to an isolated mix of channels. 8State of AI in Insurance 2020 Mantr

14、a Labs Point of View InsurTech funding in 2019 reached $6B revealing a stronger emphasis by insurance organizations to fast-track the progress and development made by startups in tackling age-old insurer ills with AI-fueled innovations. These partnerships have been the focal point of the past few ye

15、ars with many large incumbent insurers underwriting new classes of insurance products that are more personalised to the end- consumer. The InsurTech advantage translates real collaboration into disruptive business models that brings exciting products closer to the heart of the customer and new reven

16、ue streams for the insurer. Insurers are increasingly turning to InsurTechs to deliver the most apt technology that best fills their business needs and gaps. InsurTechs are seen as advantageous because they can add value by scaling their operating models at incredible speed owing to their nimble siz

17、e. InsurTechs are also helping large insurers optimize their core processes and improve their operational efficiency through AI- based solutions such as cognitive process automation, natural language processing and ML-derived insurance analytics. We find that 7 in 10 Insurance executives surveyed wo

18、uld prefer to collaborate with InsurTechs to develop new offerings by focusing on streamlining a specific core function of their insurance process. Through a mobile-first business model, InsurTechs are now able to reach more niche- demos of the underserved market. INSURANCE CARRIERS ARE EAGER TO COL

19、LABORATE WITH INSURTECHS, IF THE OPPORTUNITY IS RIPE. Figure 5: What key capability can your business acquire by collaborating with InsurTechs? 9State of AI in Insurance 2020 Mantra Labs Point of View Identifying the right processes both high-volume and highly repetitive for augmentation/automation

20、can bring pivotal operational improvements to large insurers that are enterprise scalable and allows the customer to move at pace with you. Nearly half of all Insurance executives surveyed believe that Automated processing can add value to their customer experience journeys. In the claims journey it

21、self it can help with extraction of data, claims verification, complex error- tracking, etc. to bring about significant increase in processing accuracy and reduction in turnaround times. While the front office is responsible for driving customer experience, engagement and behaviour, the Insurance ba

22、ck-office is focussed on streamlining in-house operations. Customer Onboarding, for instance, which is the first interaction stage for support in any organization is a vital point in the customer journey owing to strong first- impression bias. At the same time, creating a frictionless and intuitive

23、onboarding process can be challenging because of complex compliance requirements. In fact, even updating the process for compliance with regulation can delay onboarding times, driving overall onboarding costs by upto 20 per cent. ACHIEVING REAL OP-EFF IS KNOWING WHAT TO AUTOMATE AND WHERE TO AUGMENT

24、. 10State of AI in Insurance 2020 Mantra Labs Point of View We find that Claims and Underwriting are the two main areas with the greatest propensity for adoption of AI among insurance organizations. 7 in 10 insurance executives surveyed feel Claims Processing is witnessing the highest adoption among

25、 all other areas in the value chain. With advanced algorithms peer review: 2 approved, 1 approved with reservations Emerald Open Research 2019, 1:15 (https:/doi.org/10.35241/emeraldopenres.13249.1) 2. Capgemini & Efma World InsurTech Report (WITR) 2019, 3. PwC Report on Assisted Distribution, Changi

26、ng the face of Insurance sales, https:/www.pwc.in/assets/pdfs/research-insights/2019/assisted- distribution.pdf 4. India Doubles its AI Workforce, Economic Times Bureau, 5. IBM CEO, Virginia Rometty, Data the incumbent disruptor, CIO, disruptor.html 6. Boston Consulting Group & FICCI Report India In

27、surance, Going from Teens to Twenties, http:/media- from-Teens-to-Twenties.pdf The data was collected via an online questionnaire among a sample of 114 senior business managers & executives responsible for technology related decisions for their company, within India. The insights gleaned are derived

28、 from a mix of survey responses and personal interviews conducted with a select panel within the polled group. The survey was carried out throughout November & December 2019. 18State of AI in Insurance 2020 Mantra Labs Point of View Mantra Labs is an AI-first products & solutions firm with a core te

29、am of 175+ digital tinkerers and experimentalists, having delivered 100+ projects around the globe. The company specializes in solving real-world front & back-office challenges faced by Insurance & InsurTech companies using Artificial Intelligence. Mantra has worked with some of the Worlds leading I

30、nsurers like SBI General Insurance, Religare, DHFL Pramerica, Aditya Birla Capital, and AIA Hongkong. Mantra Labs is also a recognized InsurTech100 company deeply involved in developing technology solutions for business-specific problems with several strategic technology partnerships including Mongo

31、DB, IBM Watson and Nvidia. This material has been prepared for general informational purposes only and is not intended to be relied upon as a basis for commercial decisions, or decisions of any kind. Please refer to your advisors for specific advice. For more information, please visit us at Email: 2

32、020 MantraLabs Pvt. Ltd. All Rights Reserved. 19State of AI in Insurance 2020 Mantra Labs Point of View About Mantra Labs Contact Mantra Research explores evolving market, business & technology tenors shaping the future of work. Our insights examine present and forward-facing opportunities across any industry enterprise through compelling expert opinions & thought leadership.