Artificial Intelligence in insurance at the service of client satisfaction
Societe Generale Assurances is placing the use of data at the heart of its strategy to improve clients relations and optimise its internal processes, in particular through Artificial Intelligence (AI).
The massive digitization of uses, accelerated by the health crisis, has provided with multiple opportunities to bring value to our clients. In this article, we propose to discover how, in the insurance industry, AI allows to transform the relationship with the insured clients and to improve their satisfaction.
Artificial intelligence for operational efficiency
AI aims to enable machines to imitate a form of human intelligence: in concrete terms, AI seeks to reproduce, amplify and improve the human decision-making process using machines to perform repetitive tasks. At Societe Generale Assurances, we are integrating AI and Machine Learning into our businesses to improve the experience of our insured, but also of our employees.
Reduce processing times with artificial intelligence and robotisation is already a reality for our clients:
- The automatic categorisation of more than 70,000 emails received each month, allows faster processing for our clients and significant time savings for our employees;
- The automatic reading and extraction of information from PDFs enables 70% of documents to be processed automatically. For example, the automation of tasks related to the processing of car registration documents has considerably reduced the time needed to manage car insurance contracts. Another example is the implementation of a solution dedicated to the processing of "statements of information", documents required during the subscription of car insurance policies: thanks to a single web interface, coupled with an artificial intelligence engine, our managers can validate client documents faster (50% to 70% reduction of the initial processing time);
- Programmes have been developed within our international entities: in Russia, for example, with the control of bank declarations, in Italy with the control of KYC (Know your customer) or in Morocco with the control of group health claims management documents;
- In the Czech Republic, our subsidiary has implemented a fraud detection solution using artificial intelligence: in 0.01 seconds, the AI assesses the probability of fraud occurring during the processing of a claim and reports it to the administrator; a real time-saver in the data processing process.
The success of these first use cases, which are currently being industrialised, confirms our intention to continue optimising the processing of other management acts and associated clients documents.
"The co-construction of these solutions with our employees and partners is essential to be able to use them effectively. And to implement them within a company, it is important not to be fearful of the machine and technology" Matthieu Durut, Head of the DataHub of Societe Generale Assurances.
Artificial intelligence, an asset to improve client experience
AI has the power to analyse and process huge amounts of data from different sources, including people's behaviours and emotions, helping to improve the digital client experience. To improve the client experience,Societe Generale Assurances is working on 3 levers:
- Systematise insurance proposals based on moments of life. The optimised use of data allows us to personalise clients’ offers in real time using appetence scores (used to estimate the interest of a policyholder in an offer) in order to offer the highest standards experience based on more personalised recommendations. It is in this context that Societe Generale Assurances has been working for more than 18 months in close synergy with Societe Generale group's banking networks to systematise usage proposals in line with our clients’ moments of life.
- Being able to offer the best deals both on digital channels and in branches via bank advisors. Here too, technology plays an important role in assisting the bank advisor in optimising client relationship: we now speak of the "augmented advisor". Based on the knowledge of every insured, according to his or her background, who he or she is and what he or she owns, AI is able to define and submit to the advisor the best product to offer, at the best time, and also the sales pitch best suited to the client’s context.
- Trusting our clients by offering automatic compensation: this is known as "Parametric Insurance". This is what Moonshot Insurance, Societe Generale Assurances’ insurtech, is offering with its "mobile broken screen" insurance, thanks to instant recognition of screen damages. The image recognition algorithm, a photo of the screen and the phone's IMEI number are all that is needed to be compensated instantly, without any further proof, thus allowing for an instant and simplified claims declaration and compensation experience.
Data: a wealth to be exploited in a transversal manner
The optimised use of data, with the consent of policyholders and in compliance with the in force regulations, is at the heart of the strategic priorities of Societe Generale Assurances, which rely on a cross-functional system, expertise and investments in digital, data and artificial intelligence: 50 data experts and more than 50,000 GB of information are available in our datalake (a "data lake", a method for storing massive data).
To facilitate access to and use of reliable data by all business lines, these data are shared across the company, to enrich the tools and provide automated reporting.
"The adoption of a data-driven culture, should allow to always get better modelling, reliability, analysis and enhance of data, to serve the satisfaction of clients, partners and all the company's employees" Ingrid Bocris, Head of Bancassurance and Digital Development of Societe Generale Assurances.