Investigation Explores the Influence of Artificial Intelligence Agents on Various Aspects
MAPFRE, a global leader in insurance innovation, has released a comprehensive report titled 'The Future of Interaction: The Role of Interaction in a World Shaped by Intelligent Agents'. The report outlines key trends and implications for the insurance industry by 2035 as intelligent agents and AI technologies reshape human interactions and insurance operations.
Four Future Scenarios
The report presents four plausible future scenarios for the role of AI and digital agents in daily interactions within the insurance sector:
- Where the Wall Stopped Us: Minimal AI adoption, limited digital progress, so insurance remains largely traditional and unchanged.
- The Art of Maximising: AI assistants widely used to enhance efficiency and streamline daily tasks, improving operational processes without full disruption.
- The Age of Digital Luxury: Advanced AI is accessible mainly to affluent groups, creating segmentation and regulatory challenges.
- Towards Utopia: Widespread access to intelligent agents enables seamless, highly personalized customer experiences and revolutionizes risk management.
Trends Shaping Insurance
The report highlights several critical trends that insurers must prepare for:
- Increasing automation of routine transactions and customer interactions through AI-powered chatbots, virtual assistants, and smart devices.
- A shift towards seamless integration of digital and in-person interactions, with declining reliance on traditional websites or apps.
- Growth of hyper-personalized services enabled by rich, integrated customer data.
- Higher consumer expectations for data security and privacy, making trust a strategic priority.
- Use of AI and machine learning to enhance underwriting, claims processing, fraud detection, and risk pricing.
- Adoption of intelligent workflow agents that dynamically allocate work based on real-time expertise and capacity, reducing outsourcing and changing work design.
- Emergence of trainable agentic platforms for onboarding and standardized procedures to manage AI agents working autonomously.
Implications for the Industry
The report emphasizes that insurers must adapt their operations and technology infrastructure to integrate AI and intelligent agents effectively. Early adopters could gain competitive advantages by managing operational complexity and complying with evolving regulations. Transforming the insurance value chain with embedded insurance, AI-driven personalization, and new digital platforms will be crucial. Strategic alliances and innovation will be important to meet changing customer demands and maintain trust. Technologies like quantum computing and Web3 may enhance AI scalability, data security, and transparency, impacting underwriting and claims processes significantly.
Human Role
Despite automation, there remains a continuing need for human support at critical decision points, especially in complex claims or sensitive interactions.
In sum, MAPFRE’s report forecasts that by 2035, intelligent agents will largely automate and personalize insurance processes, requiring insurers to transform digitally while emphasizing security, trust, and hybrid human-AI collaboration across all customer lifecycle stages.
MAPFRE's Commitment to AI Ethics
Notably, MAPFRE has launched its Manifesto for a Humanistic, Ethical, and Responsible AI, becoming the first IBEX 35 company to publicly define its principles for the development and use of artificial intelligence. The company is also considering various scenarios where insurers have to resolve issues, assess the true worth of AI decision-making, and navigate the compliance landscape ahead in regards to Generative AI.
For more details, you can download the report, 'The Future of Interaction: The Role of Interaction in a World Shaped by Intelligent Agents', at the provided link.
The report proposes that by 2035, insurers must prepare for the widespread use of AI, as it will largely automate and personalize insurance processes. This will necessitate the transformation of the industry's digital infrastructure, emphasizing security, trust, and human-AI collaboration across all customer stages.
In light of this transformation, MAPFRE has committed to developing and using artificial intelligence in a humanistic, ethical, and responsible manner. The company is also exploring various compliance scenarios associated with Generative AI, signifying its proactive approach towards AI ethics.
