NTUC Income, one of the largest general and health insurance providers in Singapore, has collaborated with New Zealand InsurTech JRNY to develop an AI insurance agent which is in the early stages of development.
The AI insurance agent seeks to help Income’s customers understand better what type of insurance policies they might need. It will also help make the insurer’s agents more efficient in dealing with volumes of enquiries.
Income expects the project to take approximately four months to develop and once it is completed, customers will be able to interact with the new digital agent from its website.
Commenting on the objective behind the partnership, JRNY CEO Michael Lovegrove said, “Together with Income, our aim is to make insurance simpler to understand and buy, helping more Singaporeans be protected better and contributing to a reduction in the protection gap.”
Singapore is reported to have an 80% protection gap for critical illness cover and a 20% gap for mortality protection according to findings from the ‘2017 Protection Gap Study’ from the Life Insurance Association (LIA) Singapore.
Further findings from LIA in August 2019 showed that one of the causes of the protection gap the people being cautious about insurance because of experiences and perceptions about the industry.
“Sometimes, people have a poor perception of insurance - that it is confusing and difficult. But there is a real opportunity for technology to help make insurance easier to understand, purchase and manage,” said Income head of transformation Max Tiong.
Original story in Asia Insurance Review