AI (ARTIFICIAL INTELLIGENCE)

Using AI (Artificial Intelligence) in Life Insurance

Harness the power of AI into your life insurance operations for optimized workflows, enhanced decision-making, and seamless and innovative journey for customers

Why use AI in life insurance?

AI in life insurance involves the application of advanced technologies to automate tasks and improve decision-making processes. These technologies simulate human cognitive abilities, enabling insurers to analyze data efficiently and provide better services to customers.

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How can life insurers benefit from AI?

Streamlined Underwriting

AI analyzes vast amounts of data quickly, leading to faster policy issuance and reduced administrative costs.

Accurate Risk Assessment

AI models evaluate diverse data sources to make precise risk predictions, resulting in better pricing strategies and reduced losses.

Enhanced Fraud Detection

AI-powered systems analyze claims data to detect fraudulent activities early, minimizing losses and unnecessary investigations.

Personalized Policy Offerings

AI enables insurers to create tailored policy offerings based on individual customer needs and risk profiles, fostering stronger customer relationships.

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What are some use cases of AI in the life insurance industry?

Automated Underwriting

AI streamlines underwriting processes by analyzing applicant data to assess risk and determine policy eligibility. For instance, a life insurance company may utilize AI algorithms to analyze applicant data, including medical records, lifestyle habits, and demographic information. The AI system can assess risk factors and determines policy eligibility within minutes, significantly speeding up the underwriting process. This automation allows the insurer to issue policies quickly and efficiently, improving customer satisfaction and reducing administrative costs.

Virtual Assistants

AI-powered virtual assistants provide real-time support to customers, addressing inquiries and guiding them through the insurance process. For example: A life insurance insurance provider may integrate a virtual assistant powered by AI on their website and mobile app which customers can interact with in natural language to get information about different insurance products, receive quotes, and initiate the application process. The virtual assistant uses AI algorithms to understand customer queries and provide accurate responses, enhancing the overall customer experience and reducing the need for human intervention in routine inquiries.

Anomaly Detection

AI technology assists life insurance companies in recognizing unusual patterns in data, such as uncommon customer behaviors or suspicious claims. Detecting these anomalies early on helps mitigate risks and make more accurate decisions. For example, a life insurance provider could utilize generative AI to identify irregularities in claims data, such as a significant rise in claims for a specific type of illness or mortality in a particular demographic. This enables the insurer to detect potential fraud or emerging risks in the life insurance landscape.

Customer Profiling

AI helps insurers create synthetic customer profiles for better segmentation and personalized marketing strategies. For instance, an insurer may leverage AI to analyze customer data from various sources, including demographic information, purchasing behavior, and online activity. By applying machine learning algorithms, the insurer identifies patterns and trends in customer behavior to create personalized profiles that help tailor marketing campaigns, recommend relevant insurance products, and provide targeted customer service

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How much does it cost for life insurers to implement AI?

Different AI tools cost differently, and some of them have a "pay-per-use" model. The total cost would depend on the type of AI tool being used and the number of end-users. However, banks should also take into account the availability of base systems and their ability to connect to AI tools. This would also be an additional investment to those who do not have the necessary base systems in place.

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Build smart & modern AI apps for life insurance

Explore how your app can go from good to great with AI functionalities that create better user experiences

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Why choose Xamun?

Build customer- or external-facing Web, iOS, and/or Android apps the way you want it built - fast, at fixed price, and you get to keep the source code!

Fully-Custom Software BUT Built Incredibly Fast

With the speed at which your competition (including startups) are innovating, you need to get software built at lightning speeds. Xamun got you covere by letting you build from prototype to working software in as fast as A FEW HOURS!

Fast like No-Code BUT You Keep the Source Code

With Xamun, you own the resulting source code. What does this mean? Your team has the freedom to update your custom software whichever way you want. Also, owning the source code lets you retain your competitive advantage because the IP is all yours.

Tailored to Your Needs BUT Pay Fixed Price

Outsourcing custom software development is oftentimes limited to time-and-material contracts which may not work well with your existing budget management processes. With Xamun, we accommodate a fixed price project engagement for every version of your custom software.

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Frequently Asked Questions

1. Why build custom AI software for life insurance?

Building custom AI software for life insurance allows for tailored solutions that can streamline underwriting processes, enhance risk assessment, and improve customer experience.

2. What exactly does AI do in life insurance?

In life insurance, AI can analyze large datasets to assess risk, automate underwriting decisions, detect fraud, and personalize policy recommendations based on individual profiles.

3. What AI solutions can be built for life insurance?

AI solutions for life insurance may include predictive modeling for risk assessment, chatbots for customer interactions, fraud detection algorithms, and automated claims processing systems.

4.  Is building an AI custom software for life insurance worth it?

Whether building custom AI software for life insurance is worth it depends on the specific needs and scale of the insurance company; it can bring efficiency, accuracy, and improved customer satisfaction but requires careful consideration of costs and benefits.

5. How much does it cost for life insurers to implement AI?

Different AI tools cost differently, and some of them have a “pay-per-use” model. The total cost would depend on the type of AI tool being used and the number of end-users. However, banks should also take into account the availability of base systems and their ability to connect to AI tools. This would also be an additional investment to those who do not have the necessary base systems in place.

6. How long will it take to build an AI software for life insurance?

If you have an existing Figma prototoype, building and deploying a bespoke solution with AI machine translation services with Xamun can take as fast as a few hours. If you’re coming in with a fresh idea, it can take only 4-6 weeks!

7. Do I need technical know-how to get an AI custom software for life insurance built with Xamun?

Not at all! As a service will take care of all the technical stuff, and you just need to make sure all your business processes are covered in what we will build for you. At some point, we will release a DIY platform and in that case, your own tech team can directly build your bespoke solution on their own.

8. Are there hidden fees?

Absolutely not! We will be very upfront on the total cost of build as soon as you sign off the Figma design for your custom insurance software which will also include a detailed scope of how the app would work. Unless you have additional features to build, that’s the final cost.

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Build your app today

Xamun is a powerful app builder using AI & bots to quickly create software

  • Ultra-fast time-to-market
  • Minimized scope creep
  • Code ownership
  • Better documentation
  • Unbeatable agility
  • Fixed & predictable costs
About Xamun
Xamun revolutionizes software development with AI, unlocking innovations that have been long shelved or even forgotten. It empowers product owners, and startup founders to bridge the gap between business and software engineering to create top-notch cloud software within weeks.

​Xamun mitigates development risks, providing cost savings versus full-code outsourcing. It’s a potent no-code/low-code alternative, offering rapid customization and full source code ownership, free from recurring subscription fees.

Developed by BlastAsia, a major player since 2001, renowned for software engineering in the Philippines.