How AI Can Humanize the Insurance Experience and Usher in a New Golden Age for the Industry: Cake & Arrow
New York, NY (Nov. 5, 2024) – Cake & Arrow, a UX Design and Product Innovation agency for the insurance industry, is pleased to announce it has released a new report exploring how artificial intelligence (AI) can transform insurance into a more human experience. As insurance companies look to AI to streamline and optimize, the report sheds light on a different, more human-centered approach to using AI to foster transparency, accessibility, and empathy across the insurance value chain.
Despite the industry’s emphasis on AI for cost-cutting and efficiency, Cake & Arrow’s report stresses how AI can do more than automate and cut costs. With the power to clarify complex policies, streamline claims processes, and enhance the work of insurance professionals, a more human-centered approach to AI can strengthen relationships between insurers and policyholders while ensuring that efficiency never comes at the cost of a good human experience.
The report discusses:
- How current AI and other technology applications often miss the mark by focusing on cost reduction and operational efficiencies rather than enhancing the human experience, revealing opportunities to build trust through transparency and accessibility.
- Innovative examples of how AI can, when prioritizing human experience, address persistent industry challenges with fairness, equity, and a focus on human dignity in a way that no technology has been able to before.
- New ways insurers can leverage AI to make coverage more equitable and accessible, addressing underserved communities and simplifying processes that have traditionally created barriers to entry.
“Our latest report illustrates how AI can be a bridge, not a barrier, to human connection in insurance,” said Josh Levine, CEO and founder of Cake & Arrow. “With AI, insurers have the opportunity to meet customers with empathy and transparency, which is especially important when they need it most. This is a call to shift the industry’s focus from pure efficiency to real human impact.”
For further details on how AI can create more meaningful, human-centered insurance experiences, view the full report:
About Cake & Arrow
Cake & Arrow is an experience design and product innovation company that works exclusively with the insurance and financial services industries. We believe empathy sparks opportunity. Our human-centered design approach helps carriers, distributors, and insurtechs create transformative digital experiences that drive results. Since 2002, Cake & Arrow has partnered with leading insurance and finance companies, including MetLife, Aflac, Citigroup, Travelers, Chubb, Amwins, and The General. For more information, visit www.cakeandarrow.com.
SOURCE: Cake & Arrow
Tags: Artificial Intelligence (AI), Cake & Arrow, customer experience (CX), Transformation