Where to Start With Generative AI for Insurance Automation

Where to Start With Generative AI for Insurance Automation

In many sectors, including insurance, generative AI technologies are rapidly accelerating process automation and delivering significant returns on investment for early adopters. But for small to medium sized providers seeking to keep pace, it can be hard to know where to begin with Generative AI in insurance

To get you started, let’s first define what we mean by generative AI in the context of insurance automation…

 

What is Generative AI-powered automation in insurance?

In insurance, automation through Generative AI refers to the use of AI technology, such as Large Language Models (LLMs), which are capable of generating original content or solutions based on training data or learned patterns, to complete various tasks or processes. Unlike traditional forms of automation, which typically perform back office functions and follow predefined rules or pattern algorithms, generative AI systems can also automate front office processes, holding natural language conversations with customers through text or voice channels.

Implementing this technology through specialist conversational AI solutions such as the OpenDialog platform, which has been specifically designed for regulated sectors, can have a profound effect on business operations and achieve a significant return on investment. 

By conversing with customers and automating processes such as quote-to-buy journeys, claims assistance, and mid-term adjustments, Generative AI insurance automation software is already making waves in the industry. Not only can this type of AI technology streamline business processes, but it can also radically transform customer experience through 24/7 personalized interactions. 

 

Where to begin with Generative AI for insurance?

1. Start small 

There is no doubt that embarking on a journey of generative AI powered automation can be daunting, but the first step is to start small. Insurance companies don’t have to invest a huge amount of time and expense in a complex project with custom integrations to start gaining value. A conversational AI assistant that deflects callers away from busy phone lines to self-serve can be quick and easy to implement and increase both customer experience and efficiency.

2. Use your own data to identify the best use cases 

The second step is to gather reliable data to inform business decisions and identify processes that are ripe for automation and where Generative AI will have the most impact. 

Examining metrics such as the number of calls about claims versus those about quotes or MTAs, and the staffing cost to complete each process, can help you put a figure on the cost to serve each customer for each type of process. From there, the potential savings that automation can provide can be easily calculated. This will help you craft a compelling business case and ensure every investment propels your company toward its strategic objectives. 

3. Identify appropriate tools and vendors

Finally, insurance companies need to identify the right tools to implement safely within regulatory requirements. Privacy and safety are a top priority for insurance companies, so naturally, as they begin their digital transformation journey in generative AI, questions about the technology’s safety, transparency, and accountability arise. To leverage this technology safely and securely, insurance companies must ensure the tools they use are suitable for regulated industries. One such example is OpenDialog, which is built from the ground up specifically for regulated industries.  

 

What is the best way to get up and running quickly?

OpenDialog’s Digital Concierge solution safely leverages the latest advancements in Generative AI and makes implementation quick and easy, allowing insurance companies to get started with no downtime and immediate results. 

Digital Concierge is a revolutionary approach to placing your insurance business on the path to Generative AI-powered transformation and the ideal way to get started. The solution ensures insurance companies can easily deploy generative AI at low cost, all while adhering to regulatory compliance requirements. 

Not only will it immediately provide automated customer support through a Generative AI powered digital assistant, every interaction will collect key data which will be compiled into a specialized transformation impact report. This report helps insurers to identify the processes that are ripe for automation and the efficiency gains that this technology can create.

What’s more, Digital Concierge is frictionless to deploy alongside existing digital channels and effectively deflect callers to reduce call wait times, all while gaining transformative insights for your business. Once implemented, customer calls and queries are then deflected from human agents to first reduce wait times but also offer a faster resolution to queries. 

Take the first step

Are you ready to start your generative AI powered transformation journey? Book a demo today and see how OpenDialog can help you automate up to 90% of all interactions in your organization. 

Want to learn more about generative AI and what impact it’s having on the insurance industry? Check out our latest blog which examines how generative AI is transforming insurance. 

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