With the COVID-19 pandemic in 2020, Insurance & Takaful companies have to transition to Digital Solutions.
My predictions for InsurTech in 2021
There is a need for online services in order to
• Understand from Agent’s virtually to recommend products to buy online
• Online purchase of products
o However, this requires eKYC (Know Your Customer) for onboarding to validate the person’s authenticity
• Online Claims Submission
• Use of multi-lingual ChatBots & Robo Advisor to advise consumers on their Financial Needs using Robo Advisors (Income protection, Child Education, Medical & Critical Illness Cover etc.)
• Application of Artificial Intelligence (AI) & Machine Learning (ML) for
o Predicting New Customer Products to Buy
o Customer Churn is critical to predict when a person will lapse the policy, if a person is struggling with payment, the insurer & takaful operator can offer to reduce the cover & premium.
o Using AI for Insurance & Takaful Underwriting
o Predictive AI for Fraudulent Claims
o We need to use AI to
Use AI to move from a detect-and-repair mindset to a
predict-and-prevent philosophy
AI should be viewed as a means to Augment but NOT replace human capabilities
Clean data - IF data is wrong & not cleansed, then AI can give inaccurate responses
• Robotic Process Automation (RPA) is key to automating processes to automate activities
Understand from Agent’s virtually to recommend products to buy online
Agent’s need to connect virtually and use Financial Planning tools to recommend the right products to the customer, these can be offered online or via the agent.
Online purchase of products
Insurers & Takaful can offer online products to purchase. With the COVID-19 pandemic, remote Customer Onboarding is becoming a priority for Banks, Investment, Insurers & Takaful. However, this has the potential of fraud, thus you need to Know Your Customer, which can be achieved via online eKYC solutions. Behavioural Biometrics helps Banks, Insurers, Takaful & Investment companies for identity proofing, continuous authentication, potential account takeover fraud, and phishing scams.