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Insurance tech (The Future of Insurance Industry (Changing Customer Demand…

- - - - Events Trigger
    - - Whenever you want
      - Wherever
      - Whatever
        
        e.g buy Wearable device bundle with insurance
    - - Speed/efficient
      - Convenient
        
        Elegance of Digital Retails
        
        Conducting business
        When they want, where they want
        and using the channel of their choice
        
        Savvy Customer able to offerings and prises with the competition in an instant
      - Flexibility
- - - - Analyse Customer Behavior
        
        Decision of Underwriting
        
        Decision of Customer Claim
- - - - Real-time pricing
      - Instant Claims
  - - - Personalization Policies
    - - Behavioral Policy Pricing, Ubiquitous Internet of Things (IoT) sensors will provide personalized data to pricing platforms, allowing safer drivers to pay less for auto insurance (known as usage-based insurance) and people with healthier lifestyles to pay less for health insurance
      - Customer Experience & Coverage Personalization: AI will enable a seamless automated buying experience, using chatbots that can pull on customers’ geographic and social data for personalized interactions. Carriers will also allow users to customize coverage for specific items and events (known as on-demand insurance)
      - Faster, Customized Claims Settlement: Online interfaces and virtual claims adjusters will make it more efficient to settle and pay claims following an accident, while simultaneously decreasing the likelihood of fraud. Customers will also be able to select whose premiums will be used to pay their claims (known as peer-to-peer (P2P) insurance).
      - Fraud Detection, AI is ideally suited to fraud detection for insurance claims. Machine learning models can be used to automate claims assessment and routing based on existing fraud patterns. This process flags potentially fraudulent claims for further review, but also has the added benefit of automatically identifying good transactions and streamlining their approval and payment. More advanced anomaly detection systems can be deployed to find new patterns and to flag those for review, which leads to prompt investigation of new fraud types
        With AI based fraud detection, fraudulent claims can be evaluated and flagged before they are paid, which reduces costs for insurance providers and helps reduce costs for consumers
      - Customer Retention, It is widely known in the Insurance industry that retaining a customer is much more cost effective than acquiring a new one. More importantly, high value customers often have a portfolio of products including multiple policies making them even more painful to lose. Simple churn analysis uses rules based on known behaviors to identify potential churn risks. Rules-based systems, however, are inflexible and miss many customers who leave and generate false positives that end up giving expensive incentives to customers who do not need them
- - - - Trip from Jakarta to Surabaya
        when put the navigation on gmaps will offer automatically would you want to insure your trip just for 100k IDR
      - Just landed to Surabaya
        with LBA and IoT of weather, seems the weather is not good then automatically offer you insurance for respiratory issue