Can Insurance Leverage BOT

BOT has started in 1966 why now and how it is going to make business real. This is the question most frequently asked by the insurance companies and my quick answer is AI technology is affordable and they are future. Let’s see what and how it is making.

User Experience

These days, user experience is one of the key drivers for insurance industry. Almost 78% of human driven call center support insurance consumers that lacks in engaging experience and automation.

The era has changed now dramatically and consumers are empowered by new technology and vibrant with choice. The consumers decide insurance players based on their last best or worst experience — specifically during service support, claim processing and payment. Therefore business is scrambling to produce new products and provide new services to meet the demands of today’s consumer.

Basis to so far discussion lets us explore the key elements of the user experience where insurance industry can improve.

Natural Communication The natural communication is human to human communication which is specific and time effective as compare to software to human that needs so many web navigation and request and response which is time consuming. That’s why insurance companies are looking a comprehensive solution that understand the user natural language and interpret into electronic command.

User Relevancy Business is growing exponentially and so digital data. The biggest challenge is to return more relevant information after understating users’ voice or conversation from out this big data in time manner. For example — ‘Get vehicle details for Honda-Genesis’ and ‘Similar vehicle’ etc.

Be Specific Simplify your business for specific business; prefer to automate specific business function in more natural and specific way. Consumer wants to be understood — without having to repeat themselves over and over or follow an antiquated process that takes precious time out of their day. There’s no reason why processing insurance claims or knowing the status of claim can’t be simplified to improve the customer experience.

Innovate Call Center/ Help desk Insurance industry is the most heavily contingent on call centers as the primary mode of customer interaction, contacting their company via a call-center. This comes as little surprise; there are no other options available for people to chat and transact directly with customer service. This distinct lag in the insurance industry reflects a broader reluctance to adopt new technologies. Some of the hesitancy can be attributed to traditional biases that anchor thinking and affect behavior in incumbents. Insurers have also been undeserved by technology solutions that address their regulatory constraints.

BOT — Uses AI for Business

Artificial Intelligence (AI) is no more fiction; it is fact for business now and in future. Simple way to start with AI is BOT. It is simple in terms to enable business transaction and not in terms of uses. BOT can leverages considerable insurance business cases. It is transactional and not just a conversation. For example it can enable payment, claim, underwriting, and service support, help desk transaction and keep consumer engagement with faster and succinct.

Personal assistant (PA) from Amazon (Alexa), Google (Allo), Apple (Siri), and Microsoft (Cortana) are the connected device to BOT that improve experience through voice communication.

To understand the user language, BOT needs to be train using machine learning (ML). The key technology players in machine learning are Microsoft (Cognitive Service), IBM Watson, Google etc.

Yes, Insurance can leverage BOT provided that you keep learning from the mistake and train yours BOT.

By: Nihal Mehdi — Sr. Architect Infogain

Like what you read? Give Nihal Mehdi a round of applause.

From a quick cheer to a standing ovation, clap to show how much you enjoyed this story.