Most auto and homeowners insurance companies use AI tools in their marketing efforts to acquire new policyholders.
Finding qualified leads is critical to your marketing plan. According to Sales Insights Lab, traditional lead generation methods are time consuming and can fail to reach the right audience as up to 50% of people who see an ad are not a good fit for the advertised product . Some generative artificial intelligence (Gen AI) programs focus on lead generation and qualification, giving insurers a streamlined approach to reaching new potential policyholders. doing.
AI in non-life insurance
The use of AI in property and casualty insurance covers a wide range of processes, from lead generation to streamlining underwriting and claims to helping find new policyholders. While the human touch remains essential to the industry, AI is helping to bridge some of the service and talent gap.
AI is already providing insurance companies with faster and more efficient processes. According to a study by the National Association of Insurance Commissioners (NAIC), approximately 136 of the 194 homeowners insurance companies surveyed (70%) are already using Gen AI software or are interested in using it for their business. It turns out that I have. In another NAIC survey of auto insurance companies, 88% of respondents reported that they are currently implementing or planning to implement AI or machine learning into their daily operations. In his 2024 Independent Insurance Agent Survey by ALM, PropertyCasualty360, and the National Association of Professional Insurance Agents, 45.7% of agents surveyed reported using AI in marketing communications.
NAIC's Home Insurance Company Survey takes a deeper dive into how industry experts are using AI, reporting:
- 54% of respondents use AI for billing.
- 47% use AI software for underwriting and marketing
- 42% use AI for fraud detection.
- 35% of respondents use AI for evaluation.
- 14% use AI for loss prevention.
AI for leads
There are many technologies that insurance companies are leveraging to expand their reach and bring in new policyholders. According to HubSpot, lead generation is often the biggest challenge in marketing, with 61% of marketers reporting it's their biggest problem. Here are some of the AI tools available for lead generation and qualification.
- Exceed.ai is a personalized marketing software that automates lead qualification faster than traditional products or people, freeing up insurers to focus on other intensive tasks. AI technology can employ human-like conversations with potential policyholders and schedule meetings or calls with the appropriate insurance agent.
- Saleswhale uses AI to find and contact ignored leads and turn them into sales by sending automated follow-ups, processing referrals, and measuring interest in qualifying leads. Software-as-a- Service (SaaS) program.
- Akkio is another AI program touted for its churn reduction technology and enhanced lead scoring. Akkio uses data-driven insights to find the leads most likely to convert.
- Bant.io offers targeted social outreach, automated pay-per-click advertising, email services, retargeting ads, and lead generation with sales chatbots.
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