Copilots: The AI Tool Taking Over P&C Insurance  

For years, property & casualty insurance has directed its efforts toward enhancing precision, efficiency, and customer interactions by integrating a greater degree of artificial intelligence into applications, portals, and tools. And with the advent of generative AI, a new wave of solutions is entering the market that may be game changers to how insurance professionals work and serve customers – and one area that’s garnering attention is copiloting.

As a concept, copiloting – the use of chatbots or virtual assistants for personalized assistance – is not a new function in property & casualty insurance. In fact, it’s been in practice for a long time, with underwriters and agents collaborating with technologies on decision-making processes. But, as seen at the InsureTech Connect 2023 in Las Vegas, more vendors are harnessing GenAI to deliver “true” copiloting solutions that work in collaboration with humans to enhance performance, efficiency, and decision-making processes. This is a distinct group of solutions with capabilities beyond the AI-powered workflow and conversation automation that is commonly embedded into core systems, chatbots, and virtual assistants. Because GenAI copilots use vast amounts of data, risk or claim summaries, recommended next-best actions, reserves, etc., are more data-driven than ever. This opens up many opportunities for better interactions between agents/brokers and carriers, carriers and policyholders, and carriers and claimants.

Here are a few examples of how copiloting, powered by GenAI, is taking the industry by storm:

Underwriting Speed and Precision

AI copilots assist underwriters by leveraging algorithms to identify patterns and predict potential risks in the underwriting process. Copilots can generate questions for underwriters to ask about a risk in order to price it accurately. Young underwriters, in particular, also benefit from copilots, which help accelerate the learning curve and reduce the risk of poor underwriting decisions.

Enhanced Agent Capabilities

Agents can use copilots for various functions, such as forecasting market trends, identifying potential leads, and optimizing sales strategies. These insights allow agents to proactively address policyholder needs, positioning them as trusted advisors who are well-versed in emerging industry trends and risks.

Personalized Customer Interactions

Chatbots and virtual assistants powered by AI can facilitate seamless communication between agents and customers. Copilots can provide a pathing and decision tree with questions to guide agents in customer conversations, including suggesting personalized coverage options, which provides a tailored service that elevates the customer experience.

As the insurance industry continues to embrace the era of AI copilots, it is poised to redefine customer experiences and optimize underwriter and agent processes. The marriage of human expertise and AI will not only streamline operations but also pave the way for more innovative insurance solutions.