Anyone with a child, a spouse, a life partner, or a parent as a dependent needs life insurance. Purchasing a life insurance product has recently become an online business. The percentage of customers purchasing an online insurance product is considerably higher compared to what it was 10 years ago.
Consider a prospective customer visiting an insurance site and finding a bouquet of products to choose from. Most of the insurance products are designed by considering the most generic features desired by a majority of customers. Such generic products do not end up being purchased, as these products fail to match the individual requirements of the customer.
On the other hand, an insurance product should be designed by considering the customer’s individual data, such as gender, profession, health records, and data from wearables. Such an insurance product would be tailor-made to every customer visiting the site and would contain the features specifically required by the customer (with an option for add-ons), thereby removing the redundant ones. This is now possible, thanks to Artificial Intelligence (AI).
AI not only helps online platforms break down complicated terms but also personalizes plans for users. It makes things clear and straightforward.
Thinking about how AI helps? Let’s dive deep into it:
Easy Understanding
Customers lose interest after reading/hearing the terms (also called jargon!) like Binder, Face amount, Incontestable clause, Material Representation, and so on. Understanding such terms is exhausting and overwhelming. AI-driven models use terms that are understandable even to a layman. AI can also answer your questions 24×7 in regional languages, making it easy and interesting to shop for an insurance product.
