Artificial
Intelligence (AI) helps insurance providers deliver more efficient, effective,
and personalized products and services to customers.
AXA
Philippines recently participated in the online regional roundtable discussion
“Innovating with AI Technologies and Data Analytics” hosted by the Asia
Internet of Things, Business Platform (AIBP) Focus, and Dell Technologies. Abby
Oliva-Cenzon, AXA Philippines Director for Transformation and Technology
Strategic Portfolio, joined the discussion as one of the key panelists and
shared insights about AI’s significant and imminent changes in the insurance
industry as companies evolve to insurance technology or insurtech.
Artificial
Intelligence (AI) has revolutionized the insurance industry by helping
insurance providers deliver more efficient, effective, and personalized products
and services to customers, the discussion revealed.
“Insurtech
companies now use technological innovations like AI to redesign the current
insurance model, looking to seek more savings and efficiency. Through these
innovations, they are looking to offer ultra-customized policies, social
insurance and dynamic price premiums,” said Cenzon.
She
also shared that since the implementation of AI in the banking and finance
industry, insurers have gained a competitive advantage in underwriting,
improved claims management, and data-driven development of new insurance
products.
“AI
widens the scope of data sources that underwriters can use for their
evaluations. AI uses big data analytics, allowing to dig deeper visibility into
customers’ risk profiles, personally tailoring premiums. AI-based underwriting
solutions enable insurers to deliver hyped and customized offerings, resulting
in a swift price optimization,” she said.
Moreover,
AI has accelerated the time it takes for a customer to buy a policy or settle a
claim.
Cenzon
added that by leveraging on AI technologies, AXA Philippines was able to
establish its Social Media Command Centres. Another application that AXA
Philippines uses to deliver faster customer service is MyAXA, a mobile app that
allows customers to view their policy details, download policy documents, and
make specific policy changes.
Moreover,
the company’s Emma by AXA PH app serves as AXA Philippines AI chat bot partner
that enables anyone to access AXA Rescue Line for free 24/7 emergency assistance,
as well as allows customers to easily file claims and buy insurance online.
When
it comes to embracing and utilizing AI, Cenzon also stated that insurance,
banking, and financial technology (fintech) industries should work hand in hand
to help traditional banks adjust and adapt to AI.
“Partnering
with financial technology companies or fintechs can help expand the reach of
the various types of available technologies. Instead of viewing them as
competitors, AXA Philippines works closely together with fintechs from the
FinTech Group of the Philippines where we help each other to adapt and scale,”
Cenzon said.
Rapid
advances in technologies especially in the next decade will lead to major
changes in the insurance industry. AI will continue to redefine the insurance
industry, carrying new technologies to create innovative products, harness
cognitive learning insights from new data sources, and exceed customer
expectations for individualization and dynamic adaptation.
Indeed,
according to Cenzon, digital transformation in insurtech is “a game changer on
how we see the insurance industry today and in the future.”
Other
panelists who were also at the virtual roundtable included industry leaders,
namely Dell Technologies Senior Director for Data Center & Compute
Solutions Chin Wah Mak, Citibank Vice President and Global Program Manager for
CXRam Kishore Jaladanki, and Microsoft Sales Director for Data Analytics and
Artificial Intelligence – APAC Karthikeyan Rajasekharan.
For
more information about AXA Philippines, visit www.axa.com.ph.