Virtual personal assistants like Google Now, Cortana or Mark
Zuckerberg’s J.A.R.V.I.S; Artificial Intelligence has touched numerous
facets of our life. Gone are the days when AI was considered science
fiction – rapidly becoming an integral aspect of today’s business.
AI solutions today are helping organizations across the globe in cutting
down operational costs, augmenting efficiency, rendering excellent
customer services with the help of chatbots and much more. AI, with its
immense potential is being utilized by various industries to reinvent their
business models and enhance customer experience.
Leveraging AI technologies have played a crucial role in revolutionizing
the Insurance industry and their sales. Companies like Wise Banyan
and Charles Schwab have made their investment management easier
with robo-advisors. Baidu (Chinese search engine offering risk
assessment) is another example of AI technology’s advancement in the
insurance sector.
By adopting AI capabilities, many insurers have solved operational
challenges and reaped numerous benefits like:
Boost in insurance sales
- With automated sales assistants working around the clock,
companies have become highly responsive to clients. This in turn
helps them transform a new lead for the sales department to pursue
further (improved conversion rates). - An automated system helps organizations keep a tab on the old
inactive leads, which may convert into new sales opportunities in
the future.
Claims and cost saving
- Insurance companies across the globe incur huge losses due to
fraud claims. AI systems could be of great help to insurance
companies in this regard as they are capable of detecting
duplicitous claim patterns and alert insurers of false claims – in
case it ends up being flagged by the system. - Detection software will only improve with time as more and more
cases run through the machine learning and thus widening its
database.
Automation is the new buzzword
- Insurance agents can now look up to AI systems for accurate and
effective execution of mundane manual tasks like paperwork.
Machine learning and AI solutions have the capability to recognize
patterns in huge amount of data and thus resulting in significant
time saving. This time can be utilized by insurers to focus more on
other complex work/services. - New AI technologies have reduced the dependency of companies
on paper processes. Technological advancements have gifted
insurance companies with numerous tools for cutting down time
spent on cognitive tasks like underwriting, claim processing, policy
administration, etc.and thus achieving substantial cost savings.
Enhanced customer experience
- Predictive consulting using chat bots, virtual assistants are
successful in providing 24×7 customer service. Unlike humans, AI
systems are capable of offering real-time insurance consulting and
feedback to clients around the clock. To quote an example, in
Buyonic Insurance Agency Austin customers are greeted by a
robot Siber, instead of a human. - Furthermore, AI systems can study human behavior and offer
analytical consulting based on an individual’s need. All these
measures will only help companies in rendering quality service to
clients and improving their insurance sales figures.
The future is digital
Front runners across the insurance industries are joining hands with
technology companies in order to design and develop AI solutions to
achieve groundbreaking business models.
Global Annal 