With the rise of artificial intelligence (AI) that is finding it’s way into a number of industries, many are looking into how AI can play a role in the insurance industry and how the appeal is centered around speed of services to insurance customers.
According to GlobalData’s Artificial Intelligence in Insurance report, which details the data from their Emerging Trends Insurance Consumer Survey, customers indicated that the speed at which they could contact insurers and resolved issues as the chief compelling aspect of a potential AI usage in the insurance realm.
The survey was conducted across 11 countries and had a total of 5,520 respondents, according to Yahoo.
“The clear most popular response to which AI feature would be most useful was 24/7 availability, with nearly half of the respondents selecting it – but all of the top responses revolved around hearing back from insurers quickly,” the report details. “The least-selected option was that consumers would prefer insurers did not use AI at all – which suggests the vast majority of insurance customers do believe that it has a place.”
The question that generated the most responses – “What AI-based feature would be most useful to you from insurers?”, 48.7% of respondents indicated 24/7 availability, 38.2% instant responses, 37.8% faster claims processes, 34.2% efficient and 30.3% faster application processes.
While AI is still relatively new in the insurance space, the survey notes that “a large proportion of insurance customers around the world are open to trying it across various sections of the insurance value chain”.
Only 6.9% of respondents in that age bracket indicated that they would prefer if consumers didn’t use AI for customer service compared to 16.9% across all age groups.
“This, combined with the expected improvement with AI technology, and importantly how insurers incorporate it, suggests that AI has a very significant role to play in the insurance industry over the next decade,” the report says.
“AI appeal in insurance ‘mainly about the speed of service to consumers’” was created and published by the GlobalData owned company Life Insurance International.