Artificial Intelligence (AI) is revolutionising the way industries interact with customers, and the insurance sector is no exception. As we continue to embrace digital transformation, AI is now playing a pivotal role in reshaping customer engagement and value.
At KPMG, we are excited to cover this in our forthcoming session: AI-X: Driving Customer Value, Experience, and Trust Through AI.
Customer engagement in insurance can be transactional, with a focus on speed, accuracy and cost. However, AI is further shifting this dynamic towards a more personalised, relationship-driven approach, further enhancing experience, trust and advocacy.
AI can deliver tailored experiences at scale, anticipate customer needs, and emotions, and respond (or empower) with both precision and empathy.
Managing satisfaction and dissatisfaction
The complexities and risks facing UK consumers are growing and policyholders expect more value and excellent experience, which may all compound the drive to ‘complain’ – why should customer experience in insurance be different, or behind?
At KPMG, we are championing AI to not only transform how complaints are resolved, quickly and effectively, but to prevent, recover and learn from complaints, treating them as assets to be leveraged. This can include: automatic identification of dissatisfied customer sentiment in both voice and digital channels; intelligent data gathering and next best action support for complex matters; and the generation of highly empathetic resolution notifications.
AI can help us manage customer satisfaction effectively, reduce renewal attrition and turn potential detractors into loyal advocates.
Managing customer vulnerability
We all know that customers can have moments or periods of vulnerability in their lives and, in essence, that is a core part of what insurance cover provides – reassurance, support, and facilitating remediation when things go wrong.
AI is also playing an increasingly crucial role in identifying customers in (persistent or temporary) vulnerable situations that can compound the risks they face in their lives. By analysing context and patterns in data, AI can detect the propensity for personal vulnerability - whether financial, health or life event related, or if a customer has different or additional needs due to their capability.
AI can help to provide more proactive and targeted support and assistance, ensuring customers receive the help they need in providing the right cover and service, considering the wider vulnerabilities they may be managing.
Trust at the core of AI-X
The opportunity for enhanced customer outcomes and greater value is really exciting. However, trust is central to the successful integration of AI in customer strategies.
Insurers and brokers must have confidence in the integrity of the data that is being used by AI, and customers must also be confident that AI-driven services and decisions are safe, transparent and ethical.
KPMG’s Customer Experience Excellence report underscores the importance of data governance, emphasising that trust is built through clear, ethical data practices and transparent AI systems.
Moving forward
AI is transforming the insurance industry, creating new opportunities to enhance customer engagement, build trust, and drive further value.
Where are you at on this journey?
Please join us at our flagship conference marking our 40th Anniversary. John will be discussing how AI is and can play a pivotal role in reshaping customer engagement and value. Find out more and book your place.