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Liberty Insurance believes that artificial intelligence is fundamental to the entire value chain of the insurance sector
The introduction of Artificial Intelligence (AI) is set to revolutionise several industries, including insurance. The insurance industry is already undergoing a significant process of digital and technological transformation which is creating new opportunities and presenting new challenges that demand professionals in the insurance sector to continuously learn and adapt to a state of permanent improvement.
This means that there will be a lot of training, collaboration, and dissemination between insurers, insurance brokers, regulators, and society as a whole. In this regard, many questions have surfaced. What impact will AI have on the insurance industry and insurance brokers? Will it affect those who work in the sector? What are the benefits of AI for customers? What are the risks? It is essential to address these questions to ensure that the introduction of AI in insurance is beneficial to all stakeholders.
Alexandre Ramos, Technology Leader at Liberty in Europe, believes that the impact of artificial intelligence on the insurance industry will be overwhelmingly positive. According to Alexandre, AI applications will gradually improve all operational processes, leading to better communication with clients, an increase in efficiency, and stronger alliances.
This will not only affect product design and marketing but also the customer experience, claims management, and better risk forecasting and protection. The integration of AI will lead to reduced response times and enable insurers to offer a more personalized and precise service to policyholders and their brokers.
“Artificial intelligence has an immense transformative capacity. It represents an enormous leap in knowledge management thanks to the ability to speak in any language, combining the analysis of enormous amounts of data at greater speed," emphasises Alexandre Ramos, who clarified that "with adequate training and solid governance, applied with criteria of privacy protection, ethics and putting people first, AI will help to have a smarter and more efficient sector.”
AI in insurance marketing
Jesús Núñez, Sales and Distribution Leader at Liberty Seguros in Europe, highlights the possibilities it opens up to personalise the entire customer experience. “We have the opportunity to individualise the relationship that people have with their insurance providers,” he explains, “not just at a specific moment in time but throughout their entire lives.”
Jesus Núñez also explains that the advantages of artificial intelligence will help insurance brokers boost their business by adding value to the insured, “insurance brokers, who increasingly have a greater degree of digitalisation, can rely on AI for issues such as customer service, the marketing of new products, proactive advice to its clients by anticipating needs or operational efficiency in its processes.”
Regarding its impact on employment, Jesús Núñez emphasises that those who train themselves, protect the quality of their data and equip themselves with the appropriate tools will be able to grow their businesses much more. According to Jesús Núñez, “AI will help brokers gain quality time to provide value, advice and more individualised attention to customers.”