The insurance industry is undergoing a significant transformation, and AI is at the forefront of this change. In such a competitive landscape, leveraging AI in operations gives insurance companies a significant advantage in meeting customer expectations and tackling new challenges. AI and generative AI (GenAI) have the potential to integrate into every step of the customer journey, from raising awareness and providing information about insurance packages and benefits with omnichannel virtual assistants (chatbots, voicebots) to purchasing insurance on digital platforms with online identity verification solutions like eKYC.
According to the “Insurance CEO Outlook” report by KPMG, December 2023, 75% of insurance CEOs believe that the industry will experience growth after AI implementation, and 58% are confident about achieving a return on their AI investment within five years. At the Vietnam Insurance Summit 2024, with the theme “Digital Transformation of the Insurance Industry with a Customer-centric Approach,” Mr. Duong Le Minh Duc, AI Strategy Consultant at FPT Smart Cloud, emphasized the long-term benefits of investing in AI. He stated, “With the initial investment in AI, insurance companies can unlock added value and numerous potential benefits that AI brings, gradually renewing and regenerating their businesses. Investing in AI is investing in a long-term, automated system that can become smarter over time.”
One of the highlights of the technology exhibition at Vietnam Insurance Summit 2024 was the FPT AI Enterprise platform, developed by FPT Smart Cloud, a member of the FPT Group. FPT.AI is a technology partner, providing state-of-the-art AI solutions to leading insurance companies in Vietnam, including Bao Viet, Prudential, AIA, FWD, and Dai-ichi Life. FPT.AI offers advanced AI applications such as AI virtual assistants, including chatbots (FPT AI Chat) and voicebots (FPT AI Engage). These assistants can automatically handle primary tasks and support customers across multiple channels, optimizing the workload of consultants and increasing productivity. FPT.AI’s chatbot implementation for Dai-ichi Life, for example, resulted in a 38% increase in operational efficiency, with 98% of requests being handled.
FPT’s digital ecosystem for the insurance industry at Vietnam Insurance Summit 2024 (Photo: FPT Smart Cloud)
FPT AI Read efficiently addresses the digitization of insurance contracts and the processing of hundreds of documents in claims and compensation procedures. This solution enables insurance companies to automate the handling of structured and unstructured documents specific to their business. Additionally, customers can easily verify their identities using FPT AI eKYC and video KYC for seamless online claims.
AI and GenAI also enable insurance companies to assess risks more accurately by analyzing vast amounts of data, including historical claims data and credit scores. This helps develop tailored insurance products and pricing strategies for customers. AI is particularly valuable in compliance management and risk reduction for insurance companies. By automating monitoring and analyzing various data patterns to detect suspicious activities, the AI system provides early warnings, assisting companies in accurately assessing compensation claims and reducing insurance fraud costs.
Global and Vietnamese insurance companies are shifting from a state of consideration to urgency in AI adoption to maintain competitiveness, retain existing customers, and attract new ones. This presents an opportunity for businesses to re-evaluate their operations, unleash creativity, and maximize operational efficiency while accelerating the digital transformation and modernization of the insurance industry.
https://fpt.ai/vi/use-cases/bao-hiem/
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