What is the story about?
What's Happening?
Recent research by IT services firm Cognizant highlights the potential for insurers to leverage AI technology to improve consumer engagement. The AI Inclination Index reveals that consumers are most comfortable using AI for learning about insurance products, with conversational AI tools being preferred. Craig Weber, head of insurance strategy at Cognizant, emphasizes the opportunity for insurers to build skills around AI and integrate it into their operations. The index shows varying comfort levels across different stages of the consumer journey, with the highest comfort in the learning phase and lower levels in purchasing and usage phases.
Why It's Important?
The adoption of AI in the insurance industry could transform how consumers interact with insurance products, offering personalized and efficient service. Insurers that embrace AI can potentially enhance customer satisfaction and streamline operations. The insights from the AI Inclination Index provide valuable guidance for insurers looking to implement AI solutions. As consumer preferences evolve, insurers that adapt to these changes may gain a competitive edge in the market.
Beyond the Headlines
The study indicates that consumer comfort with AI varies by age and type of insurance product. Younger consumers are more inclined to use AI for purchases, while older consumers prefer AI for learning and usage. This suggests that insurers need to tailor their AI strategies to different demographic groups. The potential role of agentic AI, which acts as a concierge for consumers, could further enhance the insurance experience by providing personalized guidance and product discovery.
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