Artificial intelligence is transforming people’s lives and how we do business. In fact, Accenture’s 2017 Technology Vision for Insurance found 75 percent of insurance executives agree that AI is about to dramatically reshape the insurance industry. And while some insurers already embrace AI, how they use it will change.
Automated processes improve consistency and efficiency, and AI will transfer these benefits from back office-operations to virtual assistance in direct contact with customers.
One example in the insurance industry is the UK’s Spixii, an InsurTech that uses chatbots to draw user data and contextual data from multiple sources to advise customers on which insurance to buy—and they use plain language instead of financial jargon to do it.
Consumers welcome this change. In Accenture’s 2017 Distribution and Marketing Consumer Study, 74 percent of consumers said they’d be happy to get computer-generated insurance advice.
Embracing AI requires more than choosing a personality for your virtual assistant, it’s about becoming partners with your customers, to find the best solutions for them. It will define who you are, as well as your digital brand. Successful implementation requires understanding the user experience, data, and how to integrate core business functions with these third-party platforms.
Watch the video learn how insurers can achieve success with their AI journey