The international consultancy Bain & Company has published a study on the impact of generative artificial intelligence (AI) in the insurance industry, highlighting that this technology could increase company revenues by up to 20% and reduce costs by up to 15%, creating an opportunity for over $50 billion in annual economic benefits.
According to the report, the early use of generative AI in insurance will enable a transformation in distribution, covering four areas. First, its implementation will help agents produce content faster, reduce low-value interactions, and provide guidance to improve customer relationships.
Additionally, having an always-active virtual assistant will expand agent availability and assist customers with product comparisons and digital purchases.
This also opens up the possibility of large-scale hyper-personalization, where conversations, content, and offers will better respond to individual customer needs. Finally, combining structured and unstructured data will provide new insights and assist in risk identification. According to the consultancy, the application of generative AI will boost productivity, adjust workforce size, increase sales through more effective agents, and reduce commissions.
For individual insurers, the technology could increase revenues by 15% to 20% and reduce costs by 5% to 15%. However, Bain concluded that any change must be applied responsibly, recommending that insurers implementing this digital tool should focus on experimentation, learning, and change management.
For Funds Society
For Alicia Jiménez