It is 2030 and conversational AI makes us buy more insurance

So here we are, the year is 2030. We are still buying insurance, but we have all become more tech-savvy and AI-conscious. We are interacting with conversational language models (LLMs) through voice or text an average of 15 to 20 times a day. Generative AI is now part of our everyday lives, helping us in many ways. AI agents are everywhere, guiding us through our insurance journeys in very new and different ways.

- “Do you exercise regularly? Would you like to have your coverages upgraded based on health wearables ?”- “I noticed you are planning international travel this year - how exciting! Would you like to add your destination to your travel coverage?”

Emma (used here for illustration) responds to these questions in a conversational manner, within seconds and without hesitation. She expects AI to generate a tailored offer and propose a discount and better pricing in just a minute or two.

Conversation is the new currency

The days of filling out lengthy forms and waiting for responses are gone. Instead, the AI agents engage her in a conversation that could not be more efficient: this interaction is built on Emma’s previous data. She had been sharing data willingly, knowing that it may lead to potential premium reductions for her excellent claims record, all while trusting the data privacy standards of her insurance - "they have access to many of my health records anyway".

When Emma decides to upgrade the cover, and the process seems rather swift. She is no longer burdened by repetitive questions, as the insurance retains the context of their conversation. “I’ll finalize your policy and you will receive a confirming message in a few minutes,” confirms the AI agent.

Voice is the new passport

As the year progresses, Emma's daughter approaches her 18th birthday. A push message arrives on her phone: “Hi Emma, I noticed that your doughter turns 18 next month. Would you like to adjust your family health coverage?” This level of anticipation is something Emma has gotten used to. She no longer perceives it as intrusive, which had been her initial reaction. The reason is rather simple: They come with transparency about why messages are sent.

“Why did my premium go up this quarter?” she receives a short, personalized video — generated by AI, explaining the reasons. “Your premium is higher as we upgraded your daughter's coverages. But we also noticed that you increased your health activities lately. We will reach out in a few weeks to revisit your premium in case you keep up the activity level.”

Transparency is not a document, it is a dialogue

Transparency not only builds trust but also strengthens Emma’s relationship with the insurer. Compared to just a few years ago when her insurer felt tedious and one-sided, she now feels more valued and understood as a customer. You get the point, transparency is not just a document — it is a dialogue.

One day, heavy rain hits her home. Emma receives a notification - “Severe weather alert: Heavy rainfall expected tonight. Have you checked if your balcony drain is clear to prevent water damage.” The message includes a short video tutorial on how to check her drainage system.

Advice is a new currency, as covered or not covered is no longer a question

This proactive intervention not only prevents potential damage but also prompts Emma to take greater responsibility for her safety. In covered cases where Emma ignores such advice, claims processing might be slower or reimbursements adjusted, which will be communicated upfront by the AI agent.

In cases where Emma followed the advice but still experienced damage, she opens the insurance app and initiates a claim. She uploads a few pictures of the damage, and the AI processes her claim almost instantly. Within hours, she receives a notification that her claim has been approved, and the funds are deposited into her account.“You’re all set, Clara! Your claim was processed successfully.”

By 2030, conversational AI will redefine how customers like Emma interact with insurers.

• Her voice is her passport to all services. She rarely types.
• Her phone is her main channel to interact. She rarely waits.
• Her insurance is not a form to fill in, but a conversation.
• She feels listened to, she never has to repeat herself.

Last but not least, she chooses to pay more for insurance, not less, because she values talking to a (human) specialist when things go wrong (which can happen even in AI-driven conversations). Her willingness to pay and stay is no longer about risk coverages but rather about quality of service and service options.

To sum it up, you may say that this vision is future-focused and should have been in place long ago, iven the slow pace of technology adoption in the insurance industry. However, fact is that up to many of these customer flows are already being implemented as we speak while the conversational interface is the major step forward. If we don’t see this scenario fully realized by 2030, we can certainly expect it by 2035. The question is not whether this transformation will happen, but rather how quickly it will arrive.

Mirjam Bamberger is member of the Management Committee of AXA's European Markets & Health. Prior to this she has been she has been CEO of AXA Luxembourg and CEO of AXA Wealth Europe and served in various roles as a board member of AXA Switzerland. Mirjam spent over 20 years living and working in the US and UK, China, Latin America and Europe, holds an honors degree of the executive MBA of IMD Lausanne and a master’s degree of University of Cologne. She is a certified director of the Swiss Board School.