Etiqa Enhances Claims Processing and App Usage with AI

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AI Revolutionizes Banking and Insurance Services

Artificial intelligence (AI) is transforming the banking and insurance industries by enabling more efficient, personalized, and faster services. Companies are leveraging AI to analyze various data points such as vocal intent, transaction history, and social media behavior to enhance customer experiences and operational efficiency.

Etiqa International Holdings has successfully integrated AI into its travel claim assessment process, significantly improving mobile app onboarding and claims processing. According to Dennis Liu, CTO of Etiqa International Holdings, 60% of claims are now released on the same day, a stark contrast to the weeks or even months it used to take in the past. This advancement has also led to increased adoption of the Etiqa Plus mobile app, which recently reached one million users.

In addition to streamlining claims, AI is being used to determine the tone of a person’s voice during calls, helping banks and insurers decide whether a sale can be made. Puneet Sinha, founder and CEO of DataKlout Ai Solutions, explained that their AI system can identify a customer's interest in a service or product through tonal analytics. This capability, referred to as "intent monetization," can reduce the number of calls organizations make and is also useful in collections, customer service, and fraud detection.

Maybank Singapore has adopted AI to simplify its chief investment officer (CIO) quarterly market outlook into digestible stories for everyday customers. Helena Ooi, Head of Strategy, Sustainability, Digital and Data at Maybank Singapore, noted that this approach provides actionable guidance and has led to higher engagement across social media platforms.

Transaction patterns and social media behaviors are also being utilized to onboard new clients. Nucleus Software, a company that develops digital platforms for lending and transaction banking, uses these data points to offer highly personalized and real-time services. Their AI assistant manages both inbound and outbound client queries, reducing the workload of agents by 50%-60%. Pradeep Malik, global head of Digital Services at Nucleus Software, highlighted that this implementation not only reduces costs by 40%-50% but also improves customer satisfaction.

The use of AI in the financial sector is expanding rapidly, with companies finding innovative ways to leverage technology for better outcomes. From analyzing vocal intent to personalizing services based on social media behavior, AI is proving to be a game-changer in delivering more efficient and customer-centric solutions. As the industry continues to evolve, the integration of AI will likely become even more widespread, reshaping how banks and insurers interact with their customers.

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