The ITIJ team is reporting live from ITIC UK in Bournemouth. Read the full report here.
Graeme Dean, Vice President of Global Insurance Solutions, Cover Genius Partnershipbegan the session by delving into the history of artificial intelligence (AI), noting that examining the past can provide insight into the future. He highlighted the rapid evolution of computers in a relatively short period of time and emphasized that computers now play an essential role in our daily lives.
He introduced a graph showing the speed and advancement of AI technology over time. According to this graph, since 2010, AI has begun to match and even exceed human abilities in his five areas: handwriting recognition, speech recognition, image recognition, reading comprehension, and language understanding.
He discussed the benefits of AI in the travel industry, highlighting its potential to create new innovative applications and more efficient, personalized and secure experiences.
He highlighted the following uses of AI in travel today:
- dynamic pricing
- Upsell and cross-sell to understand future customer behavior
- Predict actions and activities in the field
- Enhanced facial recognition and security for contactless boarding passes
- Chatbot for FAQ and enhanced customer service
- Built-in customized protection.
When it comes to built-in insurance, he said AI boasts an opportunity to provide unique built-in protection. He outlined the following benefits of customized protection with AI-powered features:
- This allows our partners to offer customized travel protection. Dynamically bundle or unbundle
- Can be used Real-time and historical data Enabling individual users to provide the most appropriate protection
- This allows you to co-create global solutions for any source and destination. Single application programming interface (API).
It also said that AI offers an opportunity to reduce claims processing time and ensure fast resolution times and instant payments.
He went on to talk about the future of AI in travel, noting that the potential benefits include:
- Customized protection: Seamless experience and no-questions-asked refund process
- AI-powered pricing and deductible optimization: Fair customer outcomes and higher core conversions
- Dynamically bundled or unbundled protection products: Suitable for all types of experience
- Predictive analysis of protection needs: AI-powered insights into customer behavior.
In conclusion, he highlighted that AI has already proven its value in strengthening the travel insurance industry, particularly in streamlining processes and detecting fraud. However, he admitted there was still considerable ground to cover. The main takeaway is that we can deliver significantly improved customer experiences through AI-driven advancements.
