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Case Overview
Deteriorating of traditional profit centres, changing competitor landscape, technological innovations are asking for a new look at the Insurance Sector. However, traditional
Insurance players have been slow to react to the new demands and possibilities of the digital age. Insurance Industry is seen as one of the least innovative industries for customer
experience, product management and operational efficacy.
Approach Used
Policies in the market satisfy your needs in an effective manner Do you feel premium should be dependent on According to you policies’ cost vs the risk they
your lifestyle? cover, policies are-?
2%
Strongly
Disagree Yes 12% Expensive
18% Agree
19%
Indifferent No
54% Affordable
55% 10% 27% 61%
Disagree 27%
How often do you compromise on features of a policy due to On a scale of 1-5, 5 being the highest, how trustworthy would you Pay-outs are disbursed in a timely fashion
unavailability? call your insurance agent?
Strongly Agree
Very Often
9%
21% 14% 1 2
21% 32% Agree
Often 32%
38% 21%
79% 19% Indifferent
14% Rarely 3 4
Feel that Policy cost is Compromise on features of a Would describe their insurance Feel that payouts are not
Feel the insurance
more than the risk they policy due to unavailability. agent as untrustworthy. disbursed in a timely
schemes in the
cover. High premiums Policy discovery continues Providing quality of service fashion. Lead time of
market do not meet
become a barrier to to be a pain point for remains a concern in the payouts has been
their current needs
policy purchase. consumers. Insurance Sector. consistently high.
Insurance Sector
Methodology Research Insights AI Tool Design
AI Implementation
Implementation of AI Solutions
AI IMPLEMENTATION
Proposed solution is a unified life insurance point-of-sale tool USURANCE, underwriting and customer service
platform that engages customers with an efficient, modern and seamless sales experience
IOT DRIVEN INFORMATION PLATFORM: Explore avenues of information sources to gather lifestyle, professional and life event-based details for a
better understanding of risk profile. Understand unique needs of each customer
Use virtual assistants for agents to identify leads, interact over e-mail and schedule meetings
Use NLP to interact with customers for needs analysis
INTEGRATION STAGES
1 2 3 4
CLAIMS PROCESSING
Validate claims by checking external data sources