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Supporting vulnerable insurance customers: How AI can help
by Tom Jenkins

Financial difficulties have plagued the world of late, with cost inflation rising unabated in many parts of the world. This has been particularly painful for the vulnerable in our society, who are often disproportionately affected by these crises and the uncertainty surrounding them.

It is therefore vitally important that insurers are able to identify these vulnerable customers so that they can put measures in place to improve their user experience and ensure that they are getting good customer outcomes.

One way of achieving this is through the use of tailored and targeted messaging systems to ensure they are kept informed and to give them an easy way to interact with their insurer.

This could be in the form of early warning messages if there is an incoming storm or other severe weather event, or simply providing additional instructions to help settle a claim quickly and in the most efficient manner.

Artificial intelligence is a great enabler for such a system, allowing the creation of messages that are tailored to the individual’s specific circumstances and to be sent at the time of greatest need.

As well as helping to alleviate the pain felt at a time of crisis or when a claim event occurs, these messaging systems can also be used to help an individual better manage their policies.

Elderly customers, for example, have often been disproportionately affected by high premiums at renewal. But by facilitating a messaging system that actively engages with individuals to ensure policy details are adequately kept up to date and policies remain appropriate to the risk is an easy and effective way for insurers to lessen the impact.

Using AI to support vulnerable customers

AI-powered messaging systems are also a great way of keeping down operating costs, meaning that fewer staff are needed to deal with inbound and outbound calls that would otherwise need to be dealt with if an automated system was not in place.

At a time when individuals are facing tightening purse strings and insurers are feeling the pressure on their bottom lines, an AI-powered messaging system that drives down costs and improves customer outcomes for the most vulnerable in our society can be incredibly powerful.

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