It’s not a case of much ado about nothing – artificial intelligence (AI), for better or worse, is about to become a central part of business operations. Much like how computers and the internet changed business, AI has the ability to create efficiencies in areas that have long been anything but.
If it’s utilized correctly, that is.
Despite plenty of articles and predictions that AI will replace the need for workers, the reality is that when AI replaces humans, things go amiss quickly. An example: automated customer service lines, while often thought to be efficient ways to route customer calls, oftentimes end up frustrating customers. If customers are hesitant to do business with an organization because of the inability to get an answer, that’s bad for business.
Organizational leaders, do not rely on AI to replace your workers. The insurance industry still needs talented individuals at the helm of the ship. Those individuals give both a face and a voice to your organization. They are the people who help keep your customers satisfied and connected to your business. AI cannot replace the critical need for human interaction.
Instead, we recommend you use AI to make their jobs easier. That means looking into areas of your business where employees are swamped with work or in areas where efficiencies have been sorely needed.
Here are a few ways to make the most of AI in your organization:
Rethink the repetitive. Imagine streamlining your claims processing functions. AI can help speed the response time, the accuracy, and customer satisfaction. When the claim is handled quickly and more accurately, your customers are going to be happier. So are your claims team, who now have time to deal with more customer-facing tasks.
Improve underwriting. AI can gather and analyze customer information and help your underwriting team come to more precise determinations. AI gives underwriters the ability to make decisions quickly.
Streamline predictive modeling. If your data is better, your decisions can improve. AI can help your team see more clearly into customer data and see loss patterns over time. That can help determine a more accurate price.
Offer time- and money-saving suggestions. When used properly, AI can analyze your current processes and make suggestions on improving them. That includes everything from hiring to accounting to training. AI has the potential to improve every aspect of your organization’s operations.
Hire better candidates. Put AI to work on your hiring process and watch the quality of your candidate searches improve. AI can improve your job postings, quickly screen applicants and select the best-fit candidates, give deeper insights into each candidate, and remove any unconscious bias you may have.
As AI begins to infiltrate the insurance industry, smart organizations will analyze now how to best incorporate its use in their organizations. Review your operations. Talk with your workers. Find out what areas of your business are in need of improvement. From there, you can build a smarter, more responsive work model that improves hiring, operational accuracy, and above all, customer satisfaction.