Here’s how consumer data is improving the insurance industry for everyone

It’s no secret that there is a wealth of consumer information being collected everyday by the platforms that we use and interact with. One insurance tech company is using this data combined with an ethical AI platform to improve the insurance industry, both for the consumer and insurance companies.

Linh C. Ho, Chief Marketing Officer of Insurance tech provider Zelros shares, “Artificial intelligence (AI) is continuously advancing at an extraordinary pace. With roughly 2.5 quintillion bytes of data being created every single day, a portion of that information is valuable consumer information that is being used to teach AI how to draw conclusions about what people need and want before the thought even crosses their mind.” 

Here’s just a few things that consumer data, combined with ethical AI is making possible:

• Lowered policy premiums for consumers due to better data.
• More accurate and timely risk assessment, which speeds up policy approvals.
• Automated contracts, integrations and infrastructure which frees up insurance agents time to focus on client needs.
• Personalized policy recommendations, based on real consumer spending data.
• Better upsell and cross sell opportunities for agents, due to more accurate data.

Ho goes on to say that, “Time is everything. If it takes an hour of back and forth on an agent call to capture the client’s information; that’s time that otherwise could’ve been spent accelerating the process for the client, and focusing on a better experience. Having an AI that is fluent in specific consumer information is essential to equipping a team with the necessary tools to not only provide accurate policies, but to also meet the expectations of policy holders who expect more personalized answers, in real- time.”

AI is going to play a key role in the capturing and the implementation of data that allows the insurance industry to continue to grow and meet the needs of its policyholders.