Bajaj Allianz Life Insurance Company recently hosted a unique insurance summit focused on putting customer experience first. The event titled Future Perfect-Customer First Insurance Industry Summit 2018 was a full-day event that was attended by 21 of the 24 insurance companies that operate in India. While the focus was life insurance, the summit also saw participation from a few general insurance carriers.
The central theme of the summit was building and optimizing processes that would keep customer experience at the forefront of every customer interaction and transaction. Experts from the insurance industry, regulatory bodies and cyber crime divisions of the police spoke about topics such as:
- Upcoming trends in the insurance industry,
- How they mitigate fraud by using advanced analytics,
- Fighting cyber fraud.
Dr. Nilesh Karnik, Chief Data Scientist at Aureus, spoke about how artificial intelligence and machine learning are being used to predict, and prevent fraud in the insurance industry. His presentation was based on his experience designing predictive models for early claims and fraud prevention across some of the largest life insurance carriers.
Dr. Karnik’s talk was very well received as it was derived from lessons learned from real life scenarios. The complete presentation can be downloaded here.
Future Perfect -Customer First Insurance Industry Summit 2018 put into focus the immediate challenges that the insurance industry as a whole is facing. The perspectives from multiple stakeholders – regulators, carriers, technology partners and cyber teams will help shape the next best action to make the end consumer experience epic and safe.
