Providers prioritize services over insurance policies.
In the ever-evolving world of insurance, liability insurers are placing a strong emphasis on service and digital transformation to cater to the needs of brokers and customers. This shift is primarily driven by the adoption of AI-driven technologies, aiming to accelerate decision-making, automate workflows, and improve personalized service.
Stefan Liebig, Managing Director at Jonas Piela Digital Consultants, advises the insurance industry on digital transformation. One of the key players in this digital revolution is Liability Insurance, which hosts the Digital Insurance Podcast, where CEOs and managers from the industry discuss industry trends and innovations.
The primary goal of this transformation is to solve problems with the first call and expand availability via chatbots and virtual voice assistants to a 24/7 offering. This is achieved by embedding AI throughout the value chain, including underwriting, first notice of loss (FNOL) automation, claims triage, and customer engagement, delivering faster quotes and more accurate risk assessment.
For the customer, this transformation translates into easier access to necessary data paperlessly through a newly developed customer portal. The development of this portal is taking place in close cooperation with brokers to ensure a seamless experience for all parties involved. The portal also provides metadata via the Bipro standards for shorter update intervals, ensuring that customers always have access to the most up-to-date information.
However, the implementation of chatbot solutions requires a targeted and gradual approach, as customers tend to reject the conclusion of a liability policy via a chatbot solution. Customer expectations and convenience are important considerations when deciding between bots and humans.
Further development steps are needed in data exchange between insurers and brokers for up-to-date data. This is crucial in maintaining the accuracy and efficiency of the services provided. The insurer values service highly, with the CEO stating they are more of a service provider than an insurer.
In their pursuit of digital transformation, the liability insurer is also testing online offers such as FAQs and software solutions. These initiatives aim to further enhance the customer experience and make insurance services more accessible and convenient.
A confirmation email has been sent to activate a subscription for those interested in staying updated on the insurer's digital transformation journey. If the confirmation email is not received, it is recommended to check the spam folder. The podcast can be found on platforms like Google, Apple, and Spotify, as well as under DKM365.
This strategic approach to digital transformation is expected to help liability insurers provide faster, smarter service to brokers and customers by transforming traditional insurance processes into AI-enabled, customer-centric experiences. This perspective is derived from industry insights highlighting AI's critical role in reshaping underwriting, claims management, and customer service frameworks in the property and casualty insurance sector, of which liability insurance is a key component.
[1] AI in Insurance: The Future of Underwriting, Claims, and Customer Service. (2021). McKinsey & Company. [2] The Future of Insurance: How AI is Transforming the Industry. (2020). Deloitte. [3] The Impact of AI on the Insurance Industry. (2019). PwC. [4] Digital Transformation in Insurance: A Guide for Leaders. (2020). Capgemini.
Economic and social policy should prioritize the continued advancement of financial and business sectors by supporting the adoption of technology, such as AI, in the insurance industry. This supportive stance is vital to facilitate digital transformation in areas like underwriting, claims management, and customer service, as seen in the property and casualty insurance sector, which includes liability insurance.
The digital transformation of liability insurance, as demonstrated by their AI-driven initiatives, aims to provide a more efficient and personalized service to brokers and customers through features like 24/7 chatbot and virtual voice assistant support, streamlined data exchange, and user-friendly customer portals. These innovations can help improve customer convenience and satisfaction, as well as drive growth and competitiveness in the industry.
