Insurance companies' investment in data technology

The rapid pace of technological evolution has driven several transformations in the insurance market, especially with regard to improving customer service and making decision-making more assertive.

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Faced with this need, the use of data intelligence and artificial intelligence (AI) stands out as a bet to streamline workflow, improve offers and generate more revenue for companies.

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Shall we understand better? Keep reading!

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Data intelligence and the insurance market

One of the main challenges faced by insurance companies is to find a high-precision path to know the profile of wearers, especially since this is a competitive advantage in the market.

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After all, the dice are used to manage claims, customize services, develop marketing campaigns, define prizes and have greater agility in offers. It's a simple strategy in its design: in such a competitive industry, having data puts the company ahead of its competitors!

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Here are a few more reasons to start investing in artificial intelligence:

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Process automation: with artificial intelligence, the company gains agility in daily tasks in a more reliable way and reduces the operational work of employees;

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Improvement of products and/or services: AI favors the improvement of products and services, using resources such as automation, chatbots and other intelligent systems;

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Detailed data analysis: with big data systems, the company can analyze a large amount of data and generate reports more efficiently.

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More accuracy and fewer errors: with the automation of processes and data sorting, the company is sure of a more accurate flow and lower data index.

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Improved customer relationships: AI can also help improve the relationship between the insurance company and its customers. This is because it allows quick access and accurate analysis of medical records, which makes the processing of requests faster and at a lower cost.

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For these and other reasons, the use of AI in the segment's value chain has become a priority in recent years. However, it is essential to use it in a strategic and timely manner to result in new business opportunities, reduce costs and improve the user's buying journey.

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What are the best practices for investing in Artificial Intelligence in the insurance market?

For the implementation of Artificial Intelligence on a large scale, companies need to keep in mind some fundamental pillars, in line with corporate governance: data management and operations of Machine Learning to leverage the data lifecycle.

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In addition to considering these functional issues, other aspects are paramount to developing value propositions: ethics, reliability, and safety. This is because the insurance sector plays an important role in the social and economic context, which requires a responsible AI structure.

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So, when managing personal and behavioral data, companies need to have mechanisms to identify and mitigate proxies, data biases, and define a clear strategy to provide information from AI models in complex areas, such as claims management or underwriting.

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Check out some of the AI best practices in the insurance market:

• Have a small and isolated team to maintain the necessary privacy and share the company's practices in this regard with shareholders;
• Define an organization chart with ambition and alignment, in order to work in accordance with the use of the data;
• Explore the possibilities of technology “beyond the obvious”, in order to always be evolving in your business model;
• Ensure that this transformation is conducted holistically in the company and adopt new usage models;
• Manage and challenge the “status quo” of a traditional insurance company.

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Verus.Life, the complete Caren.app platform for insurers

For those who are looking for agile hiring, improved conversion and cost reduction, Caren presents the ideal solution! Verus.Life is a complete platform designed exclusively for the demands and particularities of the insurance market.

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Thus, through different functionalities, companies optimize their daily lives and achieve greater profits. Discover the benefits of this tool for the segment below!

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6 Verus.Life solutions for those who want to invest in Artificial Intelligence

1. Risk classification: the “Grievance and Discount” model is an ally for classifying the proposers profile;

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2. Online DPS: allows you to increase subscription capacity, without adding people and reducing the time spent on simple tasks;

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3. Additional Questions: a way to increase sales, reducing the abandonment rate, and facilitating the response of pending questions;

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4. Recognition of emotions: the evolution of the Tele-Interview makes it possible to analyze facial expressions, non-verbal language, and stress points in speech;

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5. Facial recognition: an alternative to verify the user by facial recognition and the combination with an identification document (such as CNH or ID);

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6. Suggested grievance: verifies each request considering the previously defined rules and portfolio goals, indicating the percentage of aggravation.

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