Like C-3PO from "Star Wards," good AI works behind the scenes to help humanity make better and smarter decisions. (Illustration: Shutterstock)
For anyone involved in an accident, the hours immediately following are often emotional and highly stressful. A split-second distraction sets in motion a seemingly endless chain of events and an overwhelming list of time-intensive tasks: claims, data, testimonials, valuations, compensation, recovery and replacement.
Even in smaller impact incidents, emotions run high. The way in which insurance companies handle these "make or break" moments can determine a consumer's long-term loyalty. The inefficient or incorrect handling of a claim can alienate a customer for a lifetime.
Thankfully, for many today, Artificial Intelligence (AI) is helping solve this problem with empathy.
|More than just chatbots
For those of us whose primary exposure to AI is a chatbot, using this technology might sound counter-intuitive. Chatbots are designed to replace human interaction, but AI is much more useful than simply replacing a person with a computer. It can enable us to do so much better.
We only need to look to one of the most famous examples ever imagined for inspiration: C-3PO from "Star Wars," also know as human cyborg relations.
It's hard to not think of C-3PO as a person: "He" is empathetic and cares deeply about those around him, always paying attention and assessing risk factors or danger. He uses years of experience to sense prodromes and helps others make well-informed decisions based on his assessment and capabilities.
He's not the hero, though, at least not in the public eye. What he does is enable everyone else to be the hero while functioning in the background. This is what good AI can do. Work behind the scenes to help humanity make better and smarter decisions.
Good AI can help us offer intuitive and proactive customer care — a very human anticipation of what's needed in the moment. This is why we're seeing customer-focused insurance companies increasingly turn to AI to help human employees provide the best support during the worst incidents; becoming the driver's trusted partner in the aftermath of a motor accident by offering the right solution when it is needed, the fastest claims processing, as well as an intuitive and sympathetic ear throughout.
|A boost to customer care
AI is able to analyze a wealth of data to inform insurer's empathetic responses. And while it might seem counter-intuitive to think of it as a tool to guide intuitive customer support), machine learning has the power to disrupt the entire insurance industry. For one, it affords companies the potential to simplify the entire crash-to-claim process for everyone involved.
Traditionally, the burden of reporting an incident in a timely and accurate manner has fallen entirely on the, very possibly bruised, shoulders of the vehicle's owner. Even while recovering or in shock the individual has to work out who to call to tow the vehicle, how to best record the incident for the insurer and what additional information they might need — all the while hoping that everything they and third-party witnesses report is accurate. Should any detail prove incorrect, the perceived veracity of their claim could be impacted, significantly delaying the investigation and adjudication.
It's a lot to ask, and it doesn't have to be that way. AI is a more accurate and non-emotional witness. More specifically, impact detection technology is able to record even small collisions, immediately issuing an automated alert to the insurer to inform them that there has been an incident. Impact detection technology could even be a lifesaving intervention. Depending on the severity of the accident, an automated report could ensure an ambulance or recovery vehicle is on its way before the individuals involved have regained consciousness.
Moreover, contextual analytics and telematics data can reconstruct the crash or collision, identifying responsibility and analyzing damages to inform quick and accurate cost assessments. AI-powered crash reconstruction shows all elements of the collision which can then be quickly and easily cross-referenced and corroborated against eye-witness testimonials.
By doing so, the burden of reporting and claims management is passed to the insurer, enabling its support team to reach out to the customer and offer real-time assistance. For customers this level of intuitive support can be a lifeline from a mental health perspective. The data offers insurers the best of both worlds — they're able to offer high-touch customer service to facilitate the claims process more quickly and easily identify fraudulent or spurious claims, preventing claims leakage and financial losses.
Invaluable from a customer retention perspective, AI truly has the potential to transform the perception of insurers from a necessary monthly payment to a trusted and valued life-long partner.
C-3PO can do more than just battle the dark side, he can inspire positive change in a stalwart industry.
Ryan McMahon is vice president of Cambridge Mobile Telematics. For more information or to contact this author, send email to [email protected].
These opinions are the author's own.
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