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This is the first part of my three-part blog post on the role of artificial intelligence (AI) in the insurance industry. In this first part, I focus on the general opportunities and challenges of AI as well as specific applications of generative AI. The focus is on marketing and sales.

AI is revolutionising marketing

Artificial intelligence is revolutionising many sectors, including the insurance industry. AI technologies offer the potential to optimise internal processes and improve the customer experience by taking automation and personalisation to a new level.

AI opens up new perspectives on the way to a customer-centred and efficient insurance industry. A great promise. Where can we take advantage of new opportunities to focus more on customers, save costs and time, optimise processes and take customer communication to a new level? That is the goal of modern marketing, isn't it?

I would like to discuss the opportunities and challenges associated with the integration of AI into existing business processes. We will leave out everything that has to do with marketing and sales. That would go beyond the scope of AI.

Let's take a look at the basic concept of AI, various technologies and their benefits for insurers.

Despite all the euphoria, insurers already have a responsibility to analyse the topic of AI from an ethical perspective due to their business model. Also in marketing and sales. Oh yes, there was something else. Also in data protection. After all, all the information that is learnt from and processed has to come from somewhere.

Perhaps this blog post will serve as an inspiration to recognise the potential of AI in your company and use it in a targeted manner to strengthen your competitive position and build sustainable customer loyalty - without ignoring the risks and side effects.

Generative AI - Gamechanger boosted by Chat-GPT

Generative AI refers to systems that can independently create content such as text, images and even music. In the insurance industry, for example, generative AI can be used to automatically generate personalised communication such as emails or reports that are specifically tailored to the needs and preferences of customers. Mock-ups can be created quickly and individually. Should the scene be set on the beach, in the mountains or in a modern detached house? No longer a problem with AI.

Generative AI has made a quantum leap in the last 24 months. New solutions and applications are added almost daily.

Challenges and risks

The advantages of AI are great, but there are also major challenges. Data protection is an important issue, as AI systems often access large amounts of sensitive personal data and like to use the results for further learning. It is also important to ensure that the decisions made by AI are fair, transparent and understandable to avoid ethical concerns and potential legal issues.

All in all

The introduction of AI in the insurance industry offers enormous opportunities, but also requires careful consideration of the associated risks and challenges. The industry faces the challenge of using these technologies responsibly to maximise the benefits while maintaining customer trust. Small spoiler: The opportunities in marketing are enormous and far outweigh the risks.

Outlook

Look forward to the second part of the blog post. There, I will focus on the specific phases of the customer journey and the infinity loop that AI goes through in marketing and present practical examples and applications.

Would you like to find out more about exciting topics from the world of adesso? Then take a look at our previous blog posts.

Find out more about GenAI at insurers

Generative AI (GenAI) is a door opener to "data-driven insurance": The technology can not only analyse large amounts of data and recognise patterns, it is also able to generate new data and develop innovative solutions. You can find out how this works and how we can support you on our website.

Learn more

Picture Ingo Gregus

Author Ingo Gregus

Ingo Gregus is Director Business Development Digital Experience in the Line of Business at adesso.

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