The insurance industry has been one of many industries that is ripe for
AI has evolved to go beyond these automation tasks. It can now serve as a partner in your strategic decision-making process,
Let's take a look at a few of those tasks with this single use case in mind: renewing a commercial client's policy. You can spend days researching everything there is to know about that business, reading the existing policy document to understand the current insurance lines, detect gaps in coverage, be rejected by multiple carriers before you are finally able to place the risk and bind the updated policy. But what if AI can do all of that for you?
Strengthening your roots with enhanced risk research
Think of risk profiles like the roots of your business garden. Agents need this profile to get a full picture of their client's risk and determine appropriate coverage and premiums for policies. But this is time-consuming and often hard for agents to find all of the information needed to create these roots.
Now, you can let AI build your client's underwriting insights for you, creating and enriching risk profiles based on thousands of sources. AI prospecting tools collect relevant missing information from any digital footprint, including websites, public records, and review sites like Yelp and Google. Not only does this help with account rounding, but it also reduces the amount of time spent researching customer risks and exposures, freeing up agents to focus on higher-value, revenue-building tasks.
Weeding out coverage gaps
Just as fast as weeds grow, the evolution of new and emerging risks is rapidly accelerating. This is just one reason for coverage gaps that aren't just bad for clients – they are also missed revenue opportunities for your business.
Much like ground cover helps keep weeds out of a garden, AI analysis of your client's exposure, together with AI detection of coverage gaps, can help prevent unwanted underinsurance scenarios. These insights are generated by comparing a client's additional business attributes with its current coverage information from your agency management system and policy documents, pinpointing any areas without proper coverage and quickly identifying cross-sell and upsell opportunities. Clients will also appreciate getting protection from new and emerging risks. And a happy customer equals better retention rates.
Plant in the right gardens
If an agency's business is its flowers, carrier markets are their gardens. Once an agent creates a risk profile and identifies coverage gaps, they need to determine which garden to plant the flower in. Carrier appetites, however, change as quickly as the seasons and agents are left wasting valuable time manually quoting risks through individual carrier portals.
Utilizing an AI-powered prospecting tool can provide carrier placement recommendations based on where similar risks are being successfully placed within the agency, ensuring optimal market selection for each client with minimal effort. Clients will be happy with a faster binding process, and agents will have more time to spend on higher-value tasks.
Grow your flowers with AI
Automating administrative tasks is a great place to plant the AI seeds if you are just starting on your journey. But there's so much more AI can do to help your business bloom. From using AI for data-driven underwriting and risk assessment to optimize market placement, fraud detection, predictions, content creation, and customer service, it's important to keep all use cases in mind as you begin to grow your AI strategy.
