Where is AI delivering real value in insurance and protection? Industry experts share their verdict

As AI tools become more embedded within financial services, moving from strategic ambition to operational reality, the insurance and protection sector is evaluating how these technologies fit into long-term operating models.

With the focus now being on practical implementation, we bring together perspectives from across the insurance and protection profession, each addressing a single, focused question: Where can AI deliver real value in the insurance and protection sector? Their perspectives offer a snapshot of how the market is assessing AI’s current contribution, and its longer-term potential.

Kesh Thukaram, Co-Founder, Best Insurance and excitare.ai comments:

“Where AI can deliver real value is by giving customers what they actually want. As an industry, we have a tendency to design “bells and whistles” products with added features and benefits because we believe this adds more value.

But the truth is, most customers don’t care about this stuff; they just want insurance that’s affordable and convenient. They want a specific risk covered at the lowest possible price, and they want to be able to buy it easily, quickly and without any level of complexity. No one wants to spend more than a few minutes thinking about insurance.

This is where AI, particularly generative AI, plays a vital role. Instead of building one-size-fits-all products loaded with low-usage add-ons, generative AI can help insurers strip back products to their core purpose and personalise them to the needs of each individual.

This concept is known as hyper-personalisation and allows insurers to use data-driven insights to create target benefits based on individual preferences, rather than creating standardised products with add-on features that customers don’t use or want.

Using generative AI can help insurers streamline the customer journey and make insurance products more accessible, affordable and relevant, leading to improved levels of take-up.”

Read the full article on IFA Magazine.