AI Enables More Human Interactions

A strong customer relationship is the foundation for any independent agent in property/casualty insurance. But how much of a relationship can be formed if much of the time with a policyholder is spent answering a litany of questions to determine risks and exposures?

Traditionally, this is what happens when independent agents work with small and medium business customers. The agent needs to get as much information as possible so they can accurately assess the business’s risks and quote them the right coverage, which means many, many questions.

But for business owners this can be tedious. Insurance for them is something to check off their to-do list. They want to get coverage as quickly as possible. It can also be frustrating as they might not know the answers to some of the details the agent is asking about— such as how close is your business to the nearest fire station.

But AI technology is helping to remove such points of friction or frustration. As a provider of real-time underwriting data, NeuralMetrics simplifies the process for agents to produce accurate quotes. With just a name and address, the NeuralMetrics solution can classify a small or medium size business and identify its risks so agents can quickly get coverage for the policyholder.

Technologies that automate manual processes can enable more meaningful conversations about policy coverages. For example, if an agent has a meeting coming up with a particular small business, they can use the data from intelligent technology to pre-screen the business. They can look to see if there are better policies available because the business was originally classified incorrectly or there are additional risks the agent didn’t know the business had. The agent might realize a business is overpaying for insurance and can save money or should actually be paying more to recoup potential losses for unprotected exposures.

Data-driven technologies enable agents to have more productive conversations with businessowners. Meetings no longer have to revolve around information gathering, but can be advisory sessions focused on the needs of the business and how the agent can provide guidance for appropriate coverage against potentially debilitating risks and losses. With intelligent solutions that enable instantaneous access to precise exposure data, agents can evolve into their role as a trusted advisor and build long-lasting relationships.