InsurTech innovators at the DIA Amsterdam global InsurTech conference –attended by Life Insurance International – have urged insurance players to embrace chatbots and artificial intelligence technology to make insurance simpler, more accessible and personalised.
Chatbots learn from previous interactions to personalise new conversations and allow software to communicate more and more like humans.
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And they are increasingly leveraging the developments in AI to simplify customer dialogue.
Renaud Million, CEO of technology company SPIXII, which has been live since December 2016 and provides chatbots for insurers, told the audience that insurers know they have to digitalise, but typically they are challenged by their systems and processes.
Personalisation
Stressing the importance of insurance to become personalised, Million said: “You sell the same product, but your customers are all different.”
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By GlobalDataSPIXII markets itself as re-thinking the relationships between insurers and their customers and the way in which they interact.
He said the aim is to achieve the dream of making insurance accessible, simple and “more personal than ever before.”
Val Yap, CEO of Singapore based PolicyPal, a mobile app that allows users to understand and track their existing insurance, features an AI chatbot enabling consumers to purchase insurance.
Yap showed the audience of 800 attendees that PolicyPal features optical character recognition top allow insurance policies to be uploaded, as well as identifying any protection gap.
PolicyPal is operational in Singapore, but Yap said she would like to expand the platform globally.
Health tech and engagement
The opportunity for life and health insurers to leverage data analytics for health wellness and engagement programmes was another key theme of the DIA Amsterdam event.
Lukas Ammann, sales director Europe at Switzerland-based technology company, showcased dacadoo, at DIA Amsterdam.
dacadoo operates a mobile digital health engagement platform, which enables life and health insurers to offer health engagement, lifestyle analytics and dacadoo points for motivational and reward purposes to policyholders.
Ammann told the audience that the challenge facing life and health insurers has been:
1. There is no real digital connection with consumers
2. Life and health insurance often has not played a relevant part in a client’s life
3. There has been a lack of engagement with policyholders
Ammann explained that dacadoo providers users with a dacadoo health score, which is a scientifically calculated number from 1 (low) to 1,000 (high).
It moves up or down in real-time, depending on how a person’s body, emotional wellbeing or lifestyle data change.
For example, dacadoo recognizes over 115 outdoor and indoor activities. A user can track exercise automatically, by using the dacadoo app for smartphones or by connecting and using many of the most popular external fitness tracking apps and devices
dacadoo’s nutrition coach also offers personal goals and reminders with the aim to guide and motivate people to adopt a healthier diet over time.
Ammann said: “If your system is not fun, nobody will use it and throw it away.”
For all the latest insight, news and data on the global life and health insurance and reinsurance markets, visit www.lifeinsuranceinternational.com
