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The rise of Artificial Intelligence (AI) has paved the way for groundbreaking innovations in the global insurance industry, including Vietnam. This was a key insight shared by AI experts from FPT during the Insurance Summit 2024.
In an intensely competitive market, leveraging AI in operations enables insurance companies to meet customer expectations and address emerging challenges. AI and Generative AI (GenAI) have the potential to integrate into every stage of the customer journey—from raising awareness, providing information on insurance packages and benefits via multi-channel virtual assistants (chatbots and voicebots), to purchasing insurance through digital platforms with eKYC solutions.
In practice, numerous service processes and insurance claims management systems have been optimized, delivering convenient customer experiences. According to the “Insurance CEO Outlook” report by KPMG in December 2023, 75% of CEOs in the insurance industry expressed confidence in the sector’s growth prospects following the adoption of AI, while 58% were optimistic about achieving a return on AI investments within the next five years.
Mr. Lê Dương Minh Đức, AI Strategy Consulting Director at FPT Smart Cloud, speaking at the event (Photo: FPT Smart Cloud)
At the Insurance Summit 2024, themed “Customer-Centric Digital Transformation in the Insurance Industry,” Mr. Lê Dương Minh Đức, AI Strategy Consulting Director at FPT Smart Cloud, emphasized:
“From an initial investment in AI, insurance companies can unlock added value and reap numerous potential benefits that AI offers, gradually transforming and rejuvenating their businesses. Investing in AI is a long-term investment in an automated system that becomes increasingly intelligent over time.”
A standout highlight of the technology exhibition at Insurance Summit 2024 was FPT.AI, an enterprise-grade AI platform developed by FPT Smart Cloud, a member of FPT Corporation. FPT.AI is currently a technology partner, providing cutting-edge AI solutions to numerous leading insurance companies in Vietnam, including Bảo Việt, Vietinbank Insurance, Prudential, AIA, FWD, and Dai-ichi Life.
FPT.AI delivers Virtual AI Assistant solutions, including FPT AI Chat (chatbots) and FPT AI Engage (voicebots). These solutions can automatically assist customers with routine tasks across multiple channels such as Facebook Messenger, Zalo, live chat on websites, and customer service hotlines. This automation helps optimize workloads for consultants and enhances operational efficiency.
Recently, FPT.AI deployed a chatbot for Dai-ichi Life, designed to assist with sales and customer service processes, respond to inquiries about new insurance products, and more. This solution boosted internal operational efficiency by 38%, with 98% of customer requests being successfully addressed.
The digitization of insurance contracts and the processing of hundreds of document types related to claims and compensation have also been effectively managed through FPT AI Read. This solution enables insurance companies to automate the handling of both structured and unstructured documents tailored to their specific needs. Since 2023, FPT AI Read has been successfully deployed for several leading third-party administrators (TPAs) in Vietnam’s insurance sector. It processes various documents with an accuracy rate of over 95%, including ID cards, prescriptions, invoices, hospital discharge papers, insurance cards, surgical certificates, and medical records. This technology increases the productivity of claims processing employees by fivefold.
Moreover, customers can easily perform electronic identity verification with FPT AI eKYC and video KYC, streamlining the online claims process for unparalleled convenience.
AI and GenAI also empower insurance companies to conduct precise risk assessments by analyzing vast datasets, such as historical claims data and credit scores. This capability enables insurers to develop tailored strategies, offering personalized insurance products to customers at more competitive prices. Importantly, AI plays a critical role in compliance management and risk mitigation. By automating the monitoring and analysis of diverse data patterns to detect suspicious activities, AI systems can promptly issue alerts, enabling insurance companies to evaluate claims accurately and reduce fraudulent claim payouts.
Numerous major insurance companies worldwide, including in Vietnam, are transitioning from considering AI adoption to viewing it as an urgent necessity. This shift reflects the need to remain competitive, retain existing customers, and attract new ones. For businesses, this is an opportunity to reevaluate operational processes, unleash creativity, and maximize performance. Simultaneously, AI accelerates the pace of digital transformation and modernization in the insurance industry.
Learn more about AI solutions for the insurance sector at: https://fpt.ai/vi/use-cases/bao-hiem/