The acceleration of digital transformation was very evident in the insurance world, whether in the internal organization of remote work, in the dematerialization of administrative processes or in customer relations: electronic signature, dematerialization of the relationship, development of digital subscription channels, and communications.
Artificial Intelligence (AI) is unanimously considered as very promising by all internal and external players in the insurance world. It should ultimately make it possible to reduce management costs, improve operational performance and have a positive impact on pricing thanks to the collection, management, enhancement and security of the most important mass of data.
New types of risks, covered by offers that are increasingly tailored to customer needs, also mean that the risk management policy must constantly adapt to these new exposures.
The increase in fraud cases and the resurgence of cyberattacks are the new threats and negative counterparts to this digital revolution.
Lesson one – acculturation of employees to new technologies
This is an important project in this digital transformation: innovation and associated budgets should not be seen as a cost center but as a real investment in the future.
Lesson 2 – new competitors
New technologies expand customer expectations, relationships, and perspectives in terms of data analysis. It also opens up new possibilities for startups from the digital world.
Insurtech startups, thanks to their efficient use of new technologies, are seen as most likely to change the insurance industry in the short term, particularly by placing the customer experience at the heart of their model. omnichannel organization.
It also depends on the latest technology and a Increased access to data Very large customers with whom they have very frequent interactions. It is also expected in the medium to long term that ‘GAFAM’ type players will have an increasingly important position in the sector.
Thus, the arrival of the tech giants and the monopoly of the more profitable insurance activities by smaller, highly specialized players dictate the pace of digital transformation of the traditional players.
Lesson 3 – Big Data & AI
In this context, insurers have realized that connected things can prevent and reduce risks by promoting responsible behaviour. Based on this observation, there is still a high expectation in terms of regulations so that the protection of personal data allows optimal use of the data collected.
supplement, Artificial intelligence technologies help increase productivity By automating, for example, the recognition of documents and the processing of unstructured data. It also increases targeting when acquiring new customers and the importance of decisions made internally by employees. Reducing costs and the resulting benefits will increasingly become competitive advantages, and will only widen the gap in the digital divide between precursors and laggards.
Lesson Four – Exploitation Opportunities New technological possibilities
The increasing use of AI enables better data collection, augmentation, and security. It also makes it possible to enhance commercial efficiency, target customer needs as well as enrich the offer and build safer sales funnels.
The multi-channel digitization of the relationship and customer service, the development of self-care thanks to the exploitation of data, make it possible to improve customer relationship management and more accurate personalization of prices.
In the long term, the gradual integration of methods machine learning Using real-time data will create pricing models that operate in real-time and new analysis methods, such as dynamic behavior modeling, will emerge to improve modeling by increasing the number of parameters and exploiting large, unstructured external data.
The revolution is underway and its implementation is not easy for most historical actors, but they are preparing for it.
Tribune By Fadwa Rahmani, Actuarial Director of Asigma – Rainbow Partners Group
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