In today’s environment, being able to mindfully evolve with new technologies is critical to a sustainable business model. As new tech surfaces, it becomes a routine part of our day-to-day interactions, but it also affects how we run our business. Consumers grow to expect early — if not immediate — adoption from the people and companies they engage with, and we must act with awareness, agility and intention to thrive.
“This is the moment when Artificial Intelligence will surpass the ability of the human brain to analyze hundreds of data points to make rational decisions, instantaneously”
At iptiQ, part of our mission is to delight our customers by creating a seamless experience for our partners and their clients alike. One of the ways we do this is by providing an easy way to do business with us through our modular, cloud-based platform; it allows us to integrate new systems and best-in-class technology into our advanced tech universe that can be configured to meet the needs of individual partners. In fact, our foundation in modern technology is not only differentiating iptiQ’s approach to on-boarding new partners, its building long-term relationships; it’s maximizing our ability and efficiency; and it’s defining our unique place in today’s rapidly growing insurance industry.
As we continue to evolve our platform, artificial intelligence (AI) and intelligent automation have been real game-changers in our thought process. While insurance AI is rooted in machine learning through virtual assistants and chatbots, intelligent automation promotes human and digital growth together; in this way, people learn to work alongside machines, which we are finding improves productivity through the larger volume of data we can analyze. It’s a complementary relationship, and a win-win, as we collaboratively advance artificial intelligence with the real intellect and knowledge of our people.
Currently, the AI in our business is embedded in the intelligent decisions we’re able to make through our sophisticated underwriting decision process. Machines have helped us accelerate and even outdate a large portion of the underwriting process by harnessing real-time data to make real-time decisions and delight our customers. We’ve implemented a few solutions to date that have undoubtedly made our environment richer. Here are a few others that we have been testing and continue to enhance to execute our value proposition:
• Facial recognition: Leverage facial recognition tools through mobile technology to accelerate the quote process for online customer journeys. For example, by taking a selfie, we tested streamlining quote results. Although the machine needed more learning on the general population, the learning speed in driving to more accurate data is very promising. For example, Google and its health-tech subsidiary,discovered eye scans as a new way to assess a person’s risk of heart disease using machine learning.
• Distributor oversight: Use machine learning and training bots to accurately translate voice transcripts into text and do pattern matching to enhance the operational efficiency, compliance oversight and capacity of call centers.
• Production scaling and monitoring: Our ability to monitor every aspect of our vast digital landscape; we use metadata combined with our rich business events to help us dynamically scale, adding an extra layer of value above the cloud.
As a consumer, I look forward to the day when insurance buying is not a process but an event. Take it a step forward, an event that is auto-executed just in time with AI algorithm-making decisions based on my activities of the day, my risk appetite, my life stage, upcoming weather, my ability to pay, and who knows what else! This is the moment when Artificial Intelligence will surpass the ability of the human brain to analyze hundreds of data points to make rational decisions, instantaneously.
At iptiQ, technology, such as AI and intelligent automation, have played, and will continue to play, a pivotal role in the way we do business, what we offer, and how we build meaningful customer experiences. But that’s what makes it such an exciting time for us. Every day we’re learning, through people and machines. Every day we’re advancing our technology, through innovation and adaptation. We’re not just revolutionizing insurance — we’re transforming it. And we partner with insurance companies and insurance partners to power it forward.
#Check This Out: Artificial Intelligence In Insurance Industry #
Artificial Intelligence Ushers in a New Era for the Insurance Industry:
The bots are taking over! But don’t be alarmed — they’re here to help.
Artificial Intelligence (AI) and machine-learning technology are vastly improving efficiency and customer satisfaction across various fields, and that includes insurance. Carriers and brokers have started leveraging AI to reform everything from the claims process to risk management, and that’s just the tip of the iceberg.
Never before has there been more opportunity to improve and democratize insurance options, making the entire process more user-friendly. This smart technology is now more widely available and easily accessible than ever before, and the possibilities are quite exciting.
The Digital Revolution
Not too long ago, policyholders could only file claims by phone or manually filing. Today, the insurance industry is evolving to meet the preferences of consumers as more and more people, particularly younger generations, prefer digital experiences.
Consider: According to a LivePerson survey of 4,000 young adults, 7 in 10 millennials and Gen Z prefer to communicate digitally, with texting being the most preferred form of communication.
Insurers like Wright Flood have noticed the cultural shift towards SMS and have implemented technology like “claims via text” to ensure that policyholders have access to a multitude of options when filing a claim.
“Savvy insurance executives are embracing emerging technologies such as AI to build a digital infrastructure that can sustain the insurance industry of tomorrow”
“Claims via text” offers automated text response systems to customers, allowing policyholders a way to speedily connect with their flood insurance carrier and receive immediate directions on how to start the recovery process. The ability to initiate and check the status of a claim via text at any time — particularly during prolonged power outages — is something customers truly appreciate. And claims submitted early using mobile technology are more likely to be paid expeditiously.
In addition to texting, being able to file a claim online has also increased in popularity. For companies like Wright Flood that offer this option, all an insured needs is a Wi-Fi connection, their policy number, and their property’s zip code to open a claim. These portals also provide access to agent information, and policy coverage amounts all in one place, streamlining the insurance experience and improving customer satisfaction.
AI: The Next Step in InsurTech
Just like other industries in the U.S., insurance is catching the AI wave and implementing smart solutions, like chatbots. Improved machine-learning technology paired with millennial and Gen Z consumer behavior has made the idea of chatbots more acceptable. In fact, according to a study done by Business Insider Intelligence, 80% of companies are either already using or plan to use chatbots by 2020.
Knowing how and why chatbots are used, it’s easy to see why this technology lends itself to the claims process. For instance, 37 percent of Americans said they would use chatbots to get a quick answer during an emergency, according to a joint study done by Drift, Salesforce, and myclever.
Today, insurance companies are using this knowledge about consumers to integrate chatbots into their claims management strategies. Wright Flood, for example, is the first flood insurance company to implement a claims bot — CLOE.
So how do claims bots work? We can use CLOE as a model. Developed in conjunction with Pypestream, CLOE’s conversational interface simulates chatting with a human customer service representative. And the fully automated chatbot is completely encrypted, offering policyholders peace of mind that the process is secure.
To file a claim, the insured, agent, or third party must first authenticate the insured property address. Through this process, they will be notified if there is a possible duplicate claim, minimizing the risk of fraud. Then, the user answers a series of conditional questions that are personalized based on their responses, and with very little effort, a new claim has been opened. At the end of the process, they will be provided with their claim number, adjuster information, and a reference document advising them of what steps to take next.
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