Given a scenario where technology defines the future of broking insurance, reinsurance, benefits management and risk consultancy, incorporating artificial intelligence (AI) has been a challenging journey, and yet one rife with opportunity.

Much like Marty McFly faced time-traveling challenges on his jaunts between the future and the past in Back to the Future, we in the insurance broking segment are dealing with a temporal discrepancy compared to other markets. While we are capable of offering more personal and segmented insurance options, covering, say, your phone, or travel insurance, applying AI to more specific, or bespoke policies, remains a challenge. On that chapter, human interaction is still as crucial to the plot as the daunting choices Marty had to face when he travelled back in time.

At MDS Brazil, we’re using diverse methods to transform the customer experience through AI. Our real-time chatbot for customers is an excellent example of that, offering them a quick and accurate way to get answers. It meaningfully optimizes service efficiency. Additionally, we’ve embraced AI to streamline our presence in social media, a strategy that has gained traction in the market, per a recent study conducted by McKinsey & Company.

When it comes to charges, collection, and payment of Deposit Guarantee fees, AI has proven an indispensable tool to improve efficiency, according to analyses reported by the Harvard Business Review. These studies underscore the growing importance of AI when it comes to simplifying and accelerating the insurance services we provide to our customers, shedding light on the vital role of this technology in the reinvention of customer experiences.

Within the insurance market, AI works as a catalyst that democratizes access to custom services which best suit the individual needs of customers. When you embrace diverse approaches to a broader and better-segmented customer journey, this new technology reshapes the way people interact with insurance. As to the retail journey specifically, it has the power to streamline and make it easier for you to purchase an insurance policy, eliminating traditional friction points that often drove customers away.

This digital transformation not only benefits consumers but it also drives innovation among insurance brokers, advancing a more competitive and dynamic environment. We firmly believe that AI is a power for good, bringing down barriers and creating a more personal, efficient user experience. At the same time, it propels the growth and evolution of the insurance market as a whole.

At MDS, we’ve started our AI journey as an insurance broker. We know we face challenges and opportunities, and we are committed to leverage this technology to bring customers a phenomenal experience and drive growth across the entire sector.