From customer service chatbots to serving up the right mix
of trip-specific benefits to the right consumer, technology using artificial
intelligence (AI) is making its way into the travel insurance sector, and
insurers are beginning to invest time and money to harness its power. Compared with other forms of insurance, travel policies lend
themselves particularly well to AI for several reasons.

For one, said Chris Carnicelli, CEO of Generali Global
Assistance, it’s high volume. Travel insurance often requires more interaction
with customers than other kinds of insurance when travel-disrupting events,
such as hurricanes, occur.

AI can help speed interactions with customers by enabling a
computer to answer simple requests or assist customers with things like filing
claims, he said. Using forms of AI and big data to configure insurance offers
for customers is also particularly useful in travel insurance, according to
Mike Nelson, CEO of Allianz Global Assistance.

Nelson said the average policy price is below $100,
depending on the channel, and unlike other, bigger-ticket forms of insurance,
such as auto or homeowners, choosing a policy tends to be a fairly quick
decision. Allianz prepares about 2 billion travel insurance quotes each year.

“We’re getting a lot of data, and there are a lot of
different benefit configurations we could offer to that traveler,” Nelson
said. Using AI to configure benefits is a boon to the insurer as
well as to travelers, who get the most appropriate policy for their needs. Read more from…

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