{"id":577964,"date":"2025-06-19T19:29:19","date_gmt":"2025-06-20T02:29:19","guid":{"rendered":"https:\/\/www.genesys.com\/blog\/post\/the-insurance-industrys-ai-moment-efficiency-loyalty-and-scalable-growth"},"modified":"2025-06-19T19:30:27","modified_gmt":"2025-06-20T02:30:27","slug":"the-insurance-industrys-ai-moment-efficiency-loyalty-and-scalable-growth","status":"publish","type":"blog","link":"https:\/\/www.genesys.com\/en-sg\/blog\/post\/the-insurance-industrys-ai-moment-efficiency-loyalty-and-scalable-growth","title":{"rendered":"The Insurance Industry\u2019s AI Moment: Efficiency, Loyalty and Scalable Growth"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text css=””]Increasing claims costs. Intensive competition. Inflation. Employee burnout and attrition. Siloed, outdated technology. These are a few of the challenges within the insurance industry. And they\u2019re intensifying the need for transformation.<\/span><\/p>\n

As a result, many insurers have fully embraced the promise of artificial intelligence (AI) and are using the opportunity to \u201cleapfrog\u201d levels of tech to adopt cutting-edge innovations that can impact business outcomes \u2013 faster. What\u2019s surprising is how pervasive this trend is.<\/span><\/p>\n

In the<\/span> 2025 Global Insurance Outlook<\/span><\/a>, Ernst and Young estimate that 99% of insurance companies are already investing in generative AI or are making plans to. We\u2019ve now reached critical mass where<\/span> modern insurance companies<\/span><\/a> are embracing AI to meet these challenges head on.<\/span><\/p>\n

This article will explore how AI is changing the game for insurance companies, helping to improve experiences for prospects, policyholders, employees and the bottom line.<\/span>[\/vc_column_text][vc_row_inner][vc_column_inner][vc_column_text css=””]<\/p>\n

Turning Your Insurance Contact Centre into a Growth Engine<\/span><\/h3>\n

One major benefit of AI is that its promised ROI can extend to both value streams in insurance: risk management and customer experience. Managing risk (policy declinations, non-renewals, rate increases) and providing optimal experiences (consultation and lower customer effort) for policyholders have historically been on either end of how insurance companies prioritise customer experience (CX).<\/span>
\nNow insurers can deploy tools like agentic AI<\/a>, large language models (LLMs) and<\/span> copilots<\/span><\/a> for frontlines agents, underwriting teams and others. There\u2019s no better time to assess how these tools will shape the future of insurance and drive growth and profitability.<\/span><\/p>\n

Imagine being an insurance agent in a sales department. Your company recently highlighted the value of<\/span> modernising its underwriting models<\/span><\/a> with generative AI<\/a> to improve profitability. And your IT department has deployed a new quoting platform that uses AI and machine learning to streamline the quoting process and make it more customer-centric.<\/span><\/p>\n

Unfortunately, these innovations don\u2019t help you manage the many siloed systems on your desktop \u2014 or make you more proficient when consulting with your customers and selling new products. This disconnect can lead to frustration, employee burnout and increased attrition.<\/span><\/p>\n

Fortunately, there are<\/span> AI-powered tools<\/span><\/a> that can help frontline employees overcome common challenges; and these capabilities can ultimately provide top-line growth. For example, insurers are already leveraging<\/span> predictive routing<\/span><\/a> and<\/span> predictive engagement<\/span><\/a> during the shopping and quoting process to enable a faster, more consultative experience.<\/span><\/p>\n

The intelligent routing design of a modern contact centre platform allows interactions to be programmatically directed to agents that are the most proficient in handling that specific interaction. So, customers receive an optimal experience in their channel of choice \u2014 in the most convenient way possible. And your agents are given the opportunities to handle interactions in which they\u2019re most proficient at selling, which can translate into higher conversion rates, more revenue\/premium and a more engaged sales staff.<\/span><\/p>\n

In addition, your sales agents can also leverage<\/span> auto-summarisation capabilities within a copilot<\/span><\/a> to reduce their after-call work. This allows them to get back on the phone faster to sell more insurance policies.<\/span><\/p>\n

This can result in new incremental growth to the company\u2019s book of business and reduced operating expenses as the sales department experiences a productivity boost that improves acquisition costs.<\/span>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text css=””]<\/p>\n

Making AI Part of an Omnichannel Approach in Customer Service and Claims<\/span><\/h3>\n

Two prioritised areas for AI in the industry are<\/span> customer service and claims<\/span><\/a>. The current methods of support \u2014 voice or email options \u2014 for customer queries with limited omnichannel and self-service capabilities aren\u2019t scalable as insurers continue to grow their policies in force.
\n<\/span>
\nIn its<\/span> Top Trends for 2025<\/span><\/a>, Capgemini highlights that the property and casualty insurance industry needs to transform CX with an omnichannel mindset, revamping current processes and solutions with greater agility, and leveraging modern solutions that deliver end-to-end digital experiences.<\/span><\/p>\n

When thinking about transforming customer experience in the insurance industry, it\u2019s critical to create the same dynamic as what exists in the agency channel: consultative, personalised experiences.<\/span><\/p>\n

For example, when chatting with my insurance company about my policy, I\u2019m looking for a different level of engagement \u2014 one that\u2019s more than simply service but instead is seamless, personalised and empathetic. And this experience should be personalised according to my specific needs \u2013 whether I\u2019m a new policyholder, have an open or recent claim, or have an upcoming renewal. <\/span><\/p>\n

One of South Africa\u2019s fastest growing insurers,<\/span> King Price Insurance<\/span><\/a> optimised agent efficiency with AI in a true omnichannel environment. The company combines multiple capabilities like digital channels, chatbots and voicebots \u2014 as well as integrations into both inbound and outbound interactions \u2014 for maximum value. Additionally,<\/span> Newcastle Greater Mutual Group<\/span><\/a> is using AI copilots and has seen a 50% improvement in agent competency while reducing average handle time by 50 seconds.<\/span><\/p>\n

Still, there are many simple transactions that I\u2019m perfectly happy to leverage<\/span> digital tools<\/span><\/a> and<\/span> self-service<\/span><\/a> that don\u2019t require agent assistance. From paying a bill to asking for proof of insurance, these are the types of interactions that insurers can easily automate and push to less expensive channels.<\/span><\/p>\n

In these scenarios, AI can play a massive role in improving the experience and helping to build loyalty between the policyholder and the insurance company.<\/span>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text css=””]<\/p>\n

Amplifying the Business Benefits of AI<\/span><\/h3>\n

A missed opportunity of AI is not leveraging it to expand the usage and value proposition of other capabilities in a CCaaS solution. For the insurance industry, that includes integrations into<\/span> policy administration and claims management systems<\/span><\/a>.<\/span>
\nThese integrations allow agents to further reduce the number of systems they must navigate by embedding a contact centre solution directly into the system of record. Having certified solutions that tap directly into the APIs for those systems of record, the idea of fast-tracking new self-service initiatives and pushing automation into digital channels can help the insurance company deflect those simple, high-volume interactions from reaching their frontline workforce.<\/span><\/p>\n

In an industry where the<\/span> profit margin is so small<\/span><\/a>, being able to deflect 10% or more of inbound interactions is a lifeline to profitability. But without access to the data to automate these requests, it falls on the technology teams to build, enhance and maintain a growing repository of web service calls that can lead to long-term technical debt.<\/span><\/p>\n

When thinking of amplifying the business benefits of AI<\/a>, consider the true end-to-end customer journey. Reducing effort in the entire journey can also lead to greater flexibility within your workforce.<\/span><\/p>\n

Let\u2019s look back at the example of the sales agent who is struggling with burnout and dealing with siloed, outdated systems. Imagine the benefits that integrating<\/span> outbound dialling<\/span><\/a> with a lead management system and AI would do to top-line growth. One scenario is that agents could reach more leads and have more follow-up to spur engagement \u2014 all while an AI copilot could help guide the agent and summarise interactions.<\/span><\/p>\n

Back-office teams have the same opportunities and challenges as frontline teams. However, with limited tools to measure the impact of missed service level agreements (SLAs) or friction, insurers have limited visibility into interaction drivers and retention issues. Combining AI with<\/span> work automation<\/span><\/a> and task routing for back-office teams provides the same level of assistance as their frontline counterparts.<\/span><\/p>\n

Additionally, teams that handle underwriting, policy processing and claims operations, for example, can leverage features like interaction summarisation, knowledge management and next-best action consultation to remove manual work from employees while reducing their cognitive load. Even better, leadership could then see the<\/span> true end-to-end customer value stream<\/span><\/a> and prioritise initiatives with objective data that informs them of the footprint of opportunities and issues.<\/span>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner][vc_column_text css=””]<\/p>\n

Putting AI on Your Insurance Growth Roadmap<\/span><\/h3>\n

To build a roadmap to continuous growth and profit, take the foundational elements and ROI of a customer experience solution, transform the solution by introducing AI for your frontline employees and customer base, and then innovate with new capabilities and integrations. This can help you to remove effort and friction from your policyholder and claimant journeys.
\n<\/span>
\nUltimately, this can allow your insurance company to grow policies in force, improve revenue\/premiums, reduce retention rates, and cut expenses. Learn more about how Genesys Cloud AI can<\/a><\/span> help your insurance company deliver connected, cross-channel experiences<\/span> and create lasting client loyalty. <\/span>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_row_inner][vc_column_inner][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_column_text css=””]Increasing claims costs. Intensive competition. Inflation. Employee burnout and attrition. Siloed, outdated technology. These are a few of the challenges within the insurance industry. And they\u2019re intensifying the need for transformation. As a result, many insurers have fully embraced the promise of artificial intelligence (AI) and are using the opportunity to \u201cleapfrog\u201d levels of […]<\/p>\n","protected":false},"author":1132,"featured_media":576628,"template":"","tax_priority":[54],"tax_blogtype":[17756],"tax_blogcategory":[15928,13117],"tax_contenttheme":[14902],"tax_bundle":[15268,18581],"tax_contenttheme2":[16156],"tax_capability_sitewide":[16201,16256],"tax_products_programs":[16477,17548],"tax_buying_job":[16633],"tax_buyer_persona":[16887,16919,18552],"tax_sector":[16931],"tax_segment":[17079,17104,17125],"class_list":["post-577964","blog","type-blog","status-publish","has-post-thumbnail","hentry","tax_priority-54","tax_blogtype-genesys-en-sg","tax_blogcategory-ai-and-machine-learning-en-sg","tax_blogcategory-cloud-en-sg","tax_contenttheme-improve-customer-experience-en-sg","tax_bundle-genesys-ai-en-sg","tax_bundle-genesys-ai-en-sg-2","tax_contenttheme2-improve-employee-experience-en-sg","tax_capability_sitewide-ai-and-automation-en-sg","tax_capability_sitewide-digital-en-sg","tax_products_programs-genesys-ai-en-sg","tax_products_programs-genesys-cloud-cx-en-sg","tax_buying_job-job-1-problem-identification-en-sg","tax_buyer_persona-business-en-sg","tax_buyer_persona-technical-en-sg","tax_buyer_persona-technical-en-sg-2","tax_sector-financial-en-sg","tax_segment-enterprise-en-sg","tax_segment-midsized-en-sg","tax_segment-smb-en-sg","tax_content_type-blog-en-sg"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/blog\/577964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/blog"}],"about":[{"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/types\/blog"}],"author":[{"embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/users\/1132"}],"version-history":[{"count":4,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/blog\/577964\/revisions"}],"predecessor-version":[{"id":577968,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/blog\/577964\/revisions\/577968"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/media\/576628"}],"wp:attachment":[{"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/media?parent=577964"}],"wp:term":[{"taxonomy":"tax_priority","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_priority?post=577964"},{"taxonomy":"tax_blogtype","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_blogtype?post=577964"},{"taxonomy":"tax_blogcategory","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_blogcategory?post=577964"},{"taxonomy":"tax_contenttheme","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_contenttheme?post=577964"},{"taxonomy":"tax_bundle","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_bundle?post=577964"},{"taxonomy":"tax_contenttheme2","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_contenttheme2?post=577964"},{"taxonomy":"tax_capability_sitewide","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_capability_sitewide?post=577964"},{"taxonomy":"tax_products_programs","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_products_programs?post=577964"},{"taxonomy":"tax_buying_job","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_buying_job?post=577964"},{"taxonomy":"tax_buyer_persona","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_buyer_persona?post=577964"},{"taxonomy":"tax_sector","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_sector?post=577964"},{"taxonomy":"tax_segment","embeddable":true,"href":"https:\/\/www.genesys.com\/en-sg\/wp-json\/wp\/v2\/tax_segment?post=577964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}