Emerging technologies, such as artificial intelligence and machine learning are fundamentally changing the way insurers engage with their customers. They enable hyper-personalized experiences that help establish loyalty and drive revenue.
In this week’s Reading Room we selected articles that explore the role of artificial intelligence in driving CX in insurance. We conclude with input from our digital CX expert, Elizabeth Stephen
Cognitive, Robotics Revitalize CX in Insurance
Cognitive technologies, such as natural language processing (NLP), natural language generation (NLG), and machine learning (ML) are impacting customer experience and engagement in the insurance industry. “Robotics and other advancements are expected to transform 58 percent of management, business, and financial jobs by 2019” – Forrester’s Future of Jobs, 2027 report. In this article, It is noted that insurers are providing more personalized products and services by using cognitive tools to analyze data from various channels.
Read further to discover how insurers are leveraging robotics and other technical innovations such as NLP, NLG, and ML to drive more enhanced customer interactions.
- Publisher: The Wall Street Journal
- Access: Public
- Download: None
3 Ways Insurers Can Use Emerging Technology for CX
Insurers have struggled to develop ongoing, long-term relationships with their customers – as their main interactions have only been during a claim and bill payment. However, new digital channels and technologies are changing the way insurers engage with their customers, by enabling interactions beyond claims submission and bill payment. This articles discusses “three key types of technology investments”, as well as their objectives. They are: Drive information – gathering; Big data and data analysis and AI for analytics.
It is suggested that all these technologies be combined to “provide an overall strategy for digital innovation” – read on to find out more.
- Publisher: CCW
- Access: Public
- Download: None
How One Startup is Using AI To Improve Insurance CX
Artificial intelligence is already being used by many insurers to streamline back office processes, however it is now being ‘pushed’ to the frontline in the form of chatbots. “74 per cent of customers are happy to get computer-generated insurance advice and 78 per cent are willing to take investment advice from a virtual assistant.” – Accenture. A recent survey by Tata Consultancy Services reveals that insurers are already investing heavily in AI systems – significantly more than other industry sectors.
A great use case is included – read how, Lemonade, a US insurance start up, is combining data and AI to improve CX. You can also view two videos to see the Lemonade App in action and discover the science behind Lemonade, respectively.
- Publisher: Fifth Quadrant
- Access: Public
- Download: None
A tip from our digital CX expert:
“ CX has been identified as the key competitive differentiator in today’s digital world.
Using artificial intelligence, insurers can improve customer experience through relevant, real-time engagements that drive improved loyalty, and ultimately increase revenue.
Here are a few areas insurers can focus on to leverage the power of AI to improve current processes and transform their digital customer communication:
- Optimize the use of data
- Integrate with voice technology
- Automate content composition and document creation
- Hyper-personalization“
Let’s discuss how we can help leverage AI to improve your CX
Alison Treadaway
Vice President, Marketing, Striata, a Doxim Company
She joined the Striata in 2002, and served as Managing Director of the African region for 13 years. Prior to this, Alison’s experience in Internet-related solutions included marketing and sales positions at Internet Solutions and Dimension Data.
Alison has 24 years of experience in the ICT sector. She holds a Bachelor of Arts (Languages, WITS) and a Post-graduate Diploma in Business Administration (WITS Business School).
Read more of Alison's blog posts here or connect with her on the following social channels:
