The report features interviews of insurance leaders, summarising the impact of artificial intelligence in optimising insurance sales & distribution.
By Global FinTech Series News Desk
Vymo, the sales engagement platform for global financial enterprises, has unveiled its latest report, Rise of AI in 2023. This report summarises the transformative impact of AI on the insurance industry, providing an understanding of how AI tools are reshaping the landscape.
The report is made after surveying multiple insurance firms and financial services leaders, it highlights the areas that are being revolutionised through AI applications and the vast potential AI brings into insurance distribution. For example, agent attrition is a significant challenge and AI may just have the key to understanding and preventing agent churn and hiring the right talent.
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The report highlights the different areas AI will impact and strengthen insurance distribution in the years to come.
Speaking about this, Venkat Malladi, Co-Founder and CTO, Vymo, said, “AI has made an extensive and positive impact on almost every function of an insurance organisation. From product development to claims processing, AI eliminates biases, improves transparency, and ensures precise risk assessment. This trend of AI transformation is only going to gain greater traction, and its footprint is going to be much bigger in the entire insurance industry landscape.”
The report’s focus on AI and insurance elucidates how AI tools contribute to insurance sales, distribution, and recruitment.
Further, Venkat Malladi, Co-Founder and CTO, Vymo said, “The importance of user-friendly AI tools without extensive training requirements cannot be overstated. AI has become an integral part of several insurance processes, and it will be interesting to see how its influence grows.”
The report goes through AI’s unique applications in insurance sales and distribution, offering insights into how AI can personalise services, streamline recruitment, and optimise lead allocation processes. It emphasises the imperative for insurers to adapt to AI to enhance decision-making, improve customer experiences, and drive growth.
