The integration of theartificial intelligence in health insurance is revolutionizing the insurance industry by offering new opportunities for customize the coversimprove operational efficiency and enhance the experience of the customer. Italian Insurtech Association – the non-profit association that brings together companies active in the insurance sector and beyond, together with BIME Consulting has produced the report “Artificial Intelligence and Health Insurance: Growth opportunities and a driving force for public-private integration” investigating how AI is permeating the health insurance sector.
The Competitive Advantages of Using AI
In addition to the regulatory issue, the survey analyses what are the competitive advantages of the use of AI in the health sector. 92% of the sample believes that thanks to this technology there could be a improvement of services health offered to customers, while for 67% it is a useful tool for to support the activity and effectiveness of the intermediaries. Finally, for 42% of the sample, AI impacts lifestyle of the consumer and can contribute to the creation of an offer “pay as you live” (e.g. health insurance policies will vary based on the rank and lifestyle of the insured). However, only 8% believe that AI will lead to a increase in turnover. The report also highlights the expected benefits for customers thanks to the adoption of AI. For 75% of the sample, services will be personalized based on the health status of the individual, which will lead to an overall improvement in the customer experiencewhile for 58% of the sample it will involve offers of personalized, transparent and valuable products and services, with health services dedicated to customers and accessible 24 hours a day.
Risk assessment
According to the study Generative Artificial Intelligence it mainly carves out a role in support of operators insurance, a clear orientation towards the use of generative AI is highlighted to assist the underwriterwith 75% of the preferences. Health insurance sees great potential in Generative AI for revolutionize risk assessment and improve the efficiency of decision-making processes. By integrating AI, insurance companies will not only be able to optimize operationsbut also raise quality standards and reduce human errors.
And the disadvantages
The survey also highlights the risks related to AI as little transparency and difficulty in explaining the choices made (67%), discrimination for groups of individuals and unreliability of data processed (42%), excessive price differentiation and exclusion (33%) and violation of the privacy on health data (25%).
