Republish from the special edition of Nextdeal (Issue 560)

Alexandros Sarrigeorgiou, President & CEO of Eurolife FFH

Artificial Intelligence today stands at the heart of a global transformation that is changing all sectors of the economy, as well as our everyday lives, in a way similar to this of the Industrial Revolution.

The insurance market is not an exception, on the contrary we are an industry where increasingly rapid changes are expected, both in the way we operate as organizations, as well as in the way we design products and serve our customers.

Alexandros Sarrigeorgiou

The most fundamental elements, on which Insurance Industry has always been relied on, are prediction and risk management. Today, with the help of Artificial Intelligence, we have the ability to analyze huge volumes of data in much less time and make estimation with greater accuracy. At the same time, AI systems can process compensation issues faster, while at the same time customers acquire new and higher expectations, “demanding” faster, more flexible and personalized service. This calls on all companies of our industry to get on the Artificial Intelligence train as quickly as possible, yet not in a fragmentary way, but through a design that holistically integrates technology into their way of operating.

At Eurolife FFH, our ambition is to create products and solutions that meet the modern needs of consumers, while at the same time we seek to create the developments, as far as technology in the Insurance Industry is concerned. However, we do not consider investment in AI as a be-all and end-all, but as a tool, through which we will continue to stand by people's side, in a way that makes their lives even better and easier.

Our investment in Artificial Intelligence has long been part of our overall digital transformation strategy, in order to offer the best possible services, simpler processes and a better experience to our policyholders.

We have integrated AI tools into our CRM, in order to have the whole picture of each customer’s needs. This allows us to provide personalized services and accurately respond to what our policyholders need. At the same time, through the adoption of Robotic Process Automation (RPA) practices, we have simplified critical backoffice processes, minimizing service time and reducing the possibility of occurring errors.

Our collaboration with LTI Mindtree, the global technology and digital solutions consulting company, also plays a crucial role in our technological evolution. Our partnership aims to develop and provide innovative solutions to Insurance Companies in Greece and will enable the adoption of artificial intelligence technology, on a large scale, in the banking, shipping and construction sectors.

A characteristic result of our investment in AI is the “birth” of OSCAR, Eurolife FFH’s digital assistant. Through a modern and automated process, our customers have now the ability to chat with OSCAR from wherever they are and whenever they want, to receive an offer, issue their contract for specific products and choose the Eurolife FFH insurance partner they wish to serve them. An end-to-end digital service process, for all those who trust our company every day.

At Eurolife FFH, we believe that the future of insurance is digital, but at the same time it is, and must remain at all cost, human. That is why we are investing today in the technology of tomorrow, always focusing on people, responsibly and following a clear “Ethics-by-Design” approach.

Read below the article from the special edition of Nextdeal (Issue 560) in electronic format, page 44-45 (click bottom right to enlarge)