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The State of AI in Insurance, 2021

In a Digital-Now World, brought on by the COVID-19 Pandemic, relationships, interactions and experiences need to be humanized. Technology has become personal, which is why 'digital' is no longer the difference maker and new roadmaps need to be created.

The development of open-source frameworks drives the rise of AI in the entire insurance industry. Many companies are moving beyond the 'experimental phase' and implementing robust AI strategies across broader business functions.

Greater customer expectations, followed by cost optimization, is the main driver behind the insurer evolution process. In order to meet these critical changes in both business and consumer-facing needs, Insurers are turning to AI to drive the interactions of Tomorrow.

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The State of AI in Insurance, 2021

Key Insights: Understanding the role of AI in the Future of Insurance

Adoption of AI in Insurance

The Insurer’s biggest challenge is the organization’s ability in identifying the user precisely and consistently across all journeys. AI has played the enabler role that continues to evolve with human guidance to achieve zero-paperwork and zero-oversight autonomy for core insurance processes.

Augmented Workforces

Operational functions like policy servicing, back-end billing, and claims processing to some extent—are witnessing a sharper rise in automation levels; whereas strong demand for sales agents, product designers and data scientists—makes it ripe for AI augmentation.

New Next: Personalized CX

Long-term shifts in consumer behavior are still at play. In order to stay competitive, Insurers will need to be more contextually aware and responsive to these fast-paced changes. These experiences are exclusively built on AI-enabled tools and is designed for empathetic & emotionally intelligent engagement.

Rise of Touchless Interactions

COVID-19 has pushed all claims organizations alike into the touchless necessity of today. Insurance organizations draw on solutions like voice assistants and robo-advisors, that are being deployed across multiple channels from websites to phygital customer support

IX: Opportunities & Use Cases

The digital consumer is now entering the 'age of experiences'. Mantra Labs proposes a new identity for the insurance experiences future—where we use insights harnessed from data and human expertise to bring sensory value to each interaction—what we call IX, 'Intelligent Experiences'

About the Point of View: Mantra Labs surveyed 126 senior business managers & C-level executives across the auto, home, life and health markets within the APAC Insurance Landscape.

This Point of View is intended for guiding Insurance decision-makers with insights surrounding the future state of AI in Insurance for the After-COVID World.

About Mantra Labs

Specializing in solving the real-world front and back-office operational challenges, Mantra Labs is AI-first Products and Solutions firm for InsurTechs and Insurance enterprises.

Mantra offers a range of innovative solutions to the Insurance value chain including Insurance-specific Chatbot, AI-powered Workflow Automation Solution, and Lead Conversion Administrator and has worked with some of the World’s leading Insurers like SBI General Insurance, Religare, DHFL Pramerica, Aditya Birla Health, and AIA Hong Kong.

In October 2019, Fintech Global recognized Mantra Labs as one of the top 100 innovative InsurTech companies in the world.

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The State of AI in Insurance, 2021 Point of View Is intended for insurers to gauge the future state of AI within insurance. To meet the critical changes in both business and consumer facing needs, Insurers are turning to AI to drive the interactions of Tomorrow.

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