AI is enabling insurance companies to create embedded customer experiences during the homebuying process
JJ Jagannathan, Corelogic
Artificial intelligence (AI) adoption among insurance carriers is on the rise, and is transforming how insurance is sold, serviced and how claims are handled. AI is even used to help detect and reduce claims fraud, as well as improve customer service.
Still, there are three barriers that make it difficult for insurers to adopt AI. A common concern is model accuracy – can the model deliver accurate results? Can it fulfill the business return on investment that was promised? Deliver a great policyholder experience? The second is making sure the algorithm is explainable. And the final barrier is creating a digital platform and using real-time data.
CoreLogic® has expanded into the insurtech space with a new digital and AI platform that transforms the homebuying experience at all levels, from the actual purchase to insurance for consumers and real estate professionals. OneHomeTM offers an unparalleled digital distribution opportunity for insurers, and the ability to be present during a homebuyer’s moment of need.
Today, carriers spend billions of dollars on advertising in the hope that consumers remember them in the future when they need insurance. But imagine a situation when an insurance carrier is embedded into the workflow of a high-intent consumer that is actively shopping for insurance after having an offer accepted on a home. Being present in that consumer’s moment of need and enabling on-demand insurance coverage is the transformative distribution opportunity OneHome offers to insurance carriers.
With insurance embedded in the home buying journey, the consumer will be able to push a button and get a quote for the new home they are in the process of buying. The real estate workflow on OneHome gives insurance carriers the opportunity to be present during a consumer’s moment of need and optimise their new customer acquisition strategy.
The OneHome platform enables real estate professionals to orchestrate the end-to-end homebuying transition on a single platform and make consumers feel they got tremendous value from the realtor and couldn’t have done it without their help.
CoreLogic’s mission is to help consumers find, buy and protect their homes and properties through serving three main industries – insurance, real estate and mortgages. OneHome brings together the fragmented workflows in these three sectors into a modern, end-to-end digital home buying experience for the consumer.
For more information about OneHome and CoreLogic’s vision for insurance visit corelogic.com/protect.