The insurance industry, traditionally known for its conservative approach, is undergoing a transformative change, thanks to the integration of Artificial Intelligence (AI). Rodion Puchkov, the Managing Director of Client Experience at SberLife Insurance, sheds light on how AI technologies are reshaping the landscape of life insurance.
A recent study reveals that 61% of Russians regularly use AI services, including navigators, online maps, smart speakers, voice assistants, and chatbots. In the insurance sector, AI’s impact is becoming increasingly significant, particularly in life insurance, a market traditionally more conservative than, say, banking.
One of the most notable advancements facilitated by AI in insurance is the drastic reduction in claim settlement times. SberLife Insurance has successfully shortened the claim settlement period from 30 days to just five, with an ambitious goal to further reduce it to mere minutes. This efficiency is not just about speed; it represents a commitment to being there for clients in their times of need, offering what Puchkov calls an insurance experience with a “human face.”
Starting this year, life insurance companies are beginning to implement an AI-based scoring model. This model aims to offer more than just targeted life insurance savings programs (LISPs). It seeks to ensure fairer pricing by allowing customers to tailor their insurance packages like a constructor set. The price is then automatically calculated based on personal data, including lifestyle, place of residence, occupation, and habits. This individualized approach, powered by AI’s capability for automatic analysis, promises to offer each customer a personalized rate.
Moreover, situational insurance is on the horizon, thanks to AI. Customers will have a “digital profile” containing detailed personal information, enabling them to activate or deactivate specific insurance services or coverages as needed.
The overarching goal of life insurance remains to enhance people’s well-being. To achieve this, the industry must fundamentally change its approach to product creation, focusing on the real-time needs of each individual. The integration of AI is pivotal in meeting this objective, offering a more personalized, efficient, and human-centric insurance experience.
This evolution in the insurance industry, spearheaded by AI, is not just a technological upgrade. It’s a paradigm shift towards a more empathetic, responsive, and personalized approach to insurance, aligning with the evolving needs and expectations of modern consumers.
