Artificial Intelligence in the Insurance Industry—The Future of Marketing Automation

The adoption of marketing automation and artificial intelligence in the insurance industry is lagging among other industries. Strict regulation, outdated business practices, and other factors have made insurance companies slow to adopt marketing automation and other Insurtech. This failure to embrace technology leaves customers under-served and agencies scrambling to compete. 

In the digital age, insurance customers expect more personalized experiences, faster service, and engagement on their terms. For an industry not known for embracing change and adopting technology, automation can transform how insurance agents do business. From a modern website with SEO tools to a prominent online presence coupled with a robust email marketing program, marketing automation has proven its worth—and it looks like artificial intelligence will be the next big thing in marketing. 

What Is Artificial Intelligence?

Artificial intelligence (AI) is computer technology that performs tasks typically requiring human intelligence and interaction. From compiling information and analyzing data to creating strategies and making decisions, bringing artificial intelligence and the insurance industry together is a necessity. Artificial intelligence can quickly modernize the insurance sector with increased efficiency and tailor-made insurance options.

Here’s how AI in the insurance industry helps you harness the power of marketing automation: 

  • Machine Learning
    Teaching computers to identify patterns and make predictions is called machine learning. This technology can automatically move claims through the system and interact with customers without human intervention.
  • Neural Networks
    Neural networks are algorithms that recognize patterns in data and mimic how the human brain behaves. Stock market prediction programs are a good example of AI and neural networks at work. These networks can identify, sort, and analyze data to help agents make better decisions for the insurance agency and its customers.
  • Natural Language Processing
    One of the most commonly used automated AI tools is natural language processing. This tool understands, interprets, and responds to text and speech via chatbots. These chatbots are used widely in the insurance industry for underwriting assistance, advisory services, and on-boarding. Over 80% of the top 20 insurers have already implemented chatbots.

AI Can Take Automated Insurance Marketing to the Next Level

AI for insurance agents is technology that is inevitably just around the corner, and it will transform modern insurance marketing. From generating more sales to giving insurance agents more time to devote to their clients, AI’s inclusion in marketing automation can even help level the playing field for independent agents and large insurance agencies. 

Here are some ways AI and marketing automation could work together: 

More Targeted Marketing
If your marketing message isn’t relevant, you’re wasting your insurance marketing budget. Your prospects and customers expect you to understand their individual needs and offer tailor-made solutions. With automated marketing powered by AI, sending the right message at the right time to the right prospect or customer will be more precise than ever.

Increased Efficiency
From data entry to managing email marketing campaigns, automated marketing can exponentially increase productivity. Instead of being bogged down by repetitive tasks, agents can focus their energies on getting to know prospects, leads, and customers. In a consumer climate where personalization is a necessity, AI has the potential to help agents find even more time to build strong relationships that are so crucial to client retention in the insurance industry.

Easier, Faster Marketing
When you implement a marketing automation platform like Fuse™ that integrates with your agency management system, you create a powerful insurance marketing machine. From automatically delivering customized messages to making account rounding easier, intelligent automation helps grow your agency. Whether it’s implementing long-tail keywords in your SEO strategy or creating a social media campaign, marketing automation can enhance every aspect of your marketing strategy. 

Adding AI to the equation could finally mean harnessing the potential of the industry’s mountains of data. Automation with artificial intelligence could put all that data to work and replace outdated and inefficient business practices. From faster, more personalized interactions to customized, on-demand insurance services, marketing automation and AI could be a powerful combo for the insurance industry.  

Artificial intelligence will reshape the insurance industry, creating a better experience for insurers and customers alike. The modern insurance agency that adopts agency automation and AI will position themselves to be more relevant and more competitive — which is especially important for independent agents. While the industry has been slow to harness the power of automation and AI, adopting this technology can quickly bring insurance services to the forefront of the digital age. 

What would your agency look like if it was faster, smarter, and more relevant to your customers and prospects? For a quick and easy way to find out, use Agency Revolution’s Growth Analyzer and then get your free demo to find out how to put insurance agency automation to work in your agency.

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