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Snap Poll on AI in Annuities

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5 April 2022

Available Only for Members of the NA Life Insurance Executive Panel

Abstract

Snap polls reflect questions posed by members of the Celent Executive Research Panel, a group of C level executives in the insurance industry. This question came about from a member who was looking for insights and advice around the use of artificial intelligence and machine learning in the annuities business. This deck provides a summary of the responses to a Snap Poll conducted March 24 – March 29, 2022.

The question that was posed was:

Background:

This insurer is exploring the use of artificial intelligence and machine learning in the annuities business. They’re trying to understand where others are using AI/ML and whether/where they’re getting value from the use of these techniques. They’re also interested in understanding whether most are using external support or building the capabilities in house. Lastly, they’re curious about how others are using chatbots. On the one hand chatbots seem like potentially valuable technology to reduce the reliance on human beings to answer questions; on the other hand, if they’re not being used, they’re not particularly useful.

Questions:

Are you using AI/ML in any of these areas within your annuity business?

  • Lead generation
  • New business processing (NIGO reduction)
  • Suitability
  • In force portfolio: contract analysis
  • Contract servicing
  • Straight through processing (STP)
  • Payouts
  • Other, please explain in text
  • Not currently using AI/ML in our annuity business

If you’re not currently using AI/ML are you planning to? Please describe your plans.

For each of the above areas that you highlighted, are you using an internally built system or a vendor solution. If a vendor solution could you note which vendor/product are you using and how long have you been using it.

  • Lead generation
  • New business processing (NIGO reduction)
  • Suitability
  • In force portfolio: contract analysis
  • Contract servicing
  • Straight through processing (STP)
  • Payouts
  • Other, please explain in text
  • Not currently using AI/ML in our annuity business

Are you using chatbots for any of these functions?

  • Lead generation
  • New business processing
  • Suitability
  • In force portfolio: contract analysis
  • Contract servicing
  • Payouts
  • Other, please explain

If you’re using chatbots, what percentage of your agents and contract holders are using the chatbots?

  • Agents
  • Contract holders