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FWD Group: AI-Driven Approach to Personalized Coverage

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21 March 2024
Juan Mazzini

Winner of the 2024 Celent Model Insurer Award for Customer Experience Transformation

Abstract

FWD Group is the recipient of the 2024 Model Insurer Award for Customer Experience Transformation from Celent. FWD is recognized for AI Discovery, its AI-driven Approach to Personalized Coverage.

Data assets and data as a product are becoming the priority for insurers, who are investing in data, analytics, and AI tools to deliver a customer-centric experience. Through data collection, analytics, probabilistic models, and AI/ML-enabled algorithms, recommender systems and automated assessments can be conducted to present a more informed and seamless customer journey.

In this context, FWD Insurance has implemented the AI Discovery initiative, replacing the complex and lengthy financial needs assessment with a simplified questionnaire. This questionnaire is further supported by machine learning and generative AI to provide personalized product and coverage recommendations. Furthermore, AI Discovery delivers these recommendations through a variety of interaction channels and partners.

FWD AI Discovery highlights the different elements of a next-generation insurer: one that is customer-centric, data-driven, and demonstrates best practices in technology usage.

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