Accelerate insurance transformation using gen AI and data analytics (ANT201)

Modernizing the Insurance Industry with Generative AI and Data Analytics

Common Issues Faced by Insurance Companies

  • Difficulty in moving AI initiatives from pilot to production
  • Lack of internal skills for AI and generative AI
  • Data readiness issues due to legacy systems and merger/acquisition challenges
  • High upfront costs for engineering solutions
  • Prioritizing business-as-usual over innovative projects

DXC and AWS Partnership

  • DXC's position as a leading vendor for insurance core systems and data understanding
  • Collaboration with AWS to build a pre-built solution on top of AWS Insurance Lake
  • Providing a platform and use cases with minimal customization
  • Enabling pilot cases to be started in 2-3 months

Key Components of the Platform

  1. Source system connectors
  2. Data lake and insurance data model
  3. Data catalog and explainable data
  4. Pre-built BI reporting
  5. APIs and event-driven integration
  6. Machine learning and generative AI models

Distribution Use Cases

  • Cross-sell and up-sell
  • Churn prevention
  • Agent training
  • Win-back
  • New business

Data Sources for the Use Cases

  • Customer interactions (portal, call center)
  • Third-party data (endorsers, open data)
  • Customer behavior data (past claims, products owned, family connections)

Example: Agent Interaction Support

  1. Selecting the right customer to contact
  2. Defining the product combination to propose
  3. Generating content and scheduling the appointment

Agent-Centric Recommendations

  • Commission forecast impact
  • Prioritized customer and product recommendations
  • Feedback loop to improve future recommendations
  • Customizable communication content and scripts
  • Integration with existing agency systems

Conclusion

  • DXC and AWS provide a pre-built solution to accelerate insurance industry modernization
  • Leveraging generative AI and data analytics to support various distribution use cases
  • Enabling a win-win situation for agents and insurance companies

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