Vymo’s ‘Rise of AI’ report highlights the role of AI in transforming Insurance Distribution in 2023
Vymo, the Sales Engagement Platform of choice for global financial enterprises, has unveiled its latest report, ‘Rise of AI in 2023.’ This report summarizes the transformative impact of AI on the insurance industry, providing a profound understanding of how AI tools are reshaping the landscape.
The report, compiled after extensive conversations with insurance firms and financial services leaders, highlights the areas that are being disrupted through AI applications and the vast potential AI brings into Insurance distribution. For example, agent attrition is a significant challenge and AI may just have the key to understanding and preventing agent churn and hiring the right talent.
Speaking about this, Venkat Malladi, Co-Founder and CTO, Vymo, said, AI has made an extensive and positive impact on almost every function of an insurance organization. From product development to claims processing, AI eliminates biases, improves transparency, and ensures precise risk assessment. This trend of AI transformation is only going to gain greater traction, and its footprint is going to be much bigger in the entire insurance industry landscape.
The report’s focus on AI and insurance elucidates how AI tools contribute to insurance sales, distribution, and recruitment.
Further, Venkat Malladi, Co-Founder and CTO, Vymo said, The importance of user-friendly AI tools without extensive training requirements cannot be overstated. AI has become an integral part of several insurance processes, and it will be interesting to see how its influence grows.
The report goes through AI’s unique applications in Insurance Sales and Distribution, offering insights into how AI can personalize services, streamline recruitment, and optimize lead allocation processes. It emphasizes the imperative for insurers to adapt to AI to enhance decision-making, improve customer experiences, and drive growth.
Vymo is the Sales Engagement Platform of choice for 350,000 salespeople across 65+ Global Financial Institutions such as AIA, Berkshire Hathaway, Generali, AXA, Sunlife, and HDFC Bank. The platform drives productivity bottom-up through nudges and interventions across the customer lifecycle.
Gartner recognizes Vymo as a Representative Vendor in the Sales Engagement Market Guide.
Vymo has raised over $45M in funding from Sequoia Capital, Emergence Capital, and Bertelsmann India Investments and is also a winner of CB Insights’ Demo Day and Microsoft’s ‘AI for All’ awards.
