Robots and AI can be applied in various insurance domains including customer service and advisory
New York, NY (May 15, 2017) – Celent has released a new report titled Applying Conversational Commerce to Insurance: Aligning IT to the Machine World. The report was written by Nicolas Michellod and Craig Beattie, Senior Analysts with Celent’s Insurance practice.
Robots and artificial intelligence (AI) in insurance combine the use of algorithms and machine learning to automatize interactions and processes. This can be applied in various insurance domains including customer service and advisory.
Around a third of consumers who have already used smart technologies to interact with their insurer prefer using these tools to speaking to someone. In addition, one consumer in five who has no experience with these technologies is interested in testing them. We think insurers need to identify how these technologies impact sales, claims management, and customer service and then adapt their organization to minimize negative consequences. Insurers need to move to an open modular architecture, leveraging digital front ends and combining a powerful product configuration and automated back end components.
“While insurers can take advantage of smart technologies to automate customer interactions in relation to various core business processes, we think they need to carefully assess what business capabilities are particularly impacted by these technologies and how they need to adapt to the anticipated changes,” commented Michellod.
“In order to meet the pace of change and integration requirements implied by a fully digital business, insurers have to find strategies to overcome the constraints of their existing core insurance systems,” Beattie said.
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Click here for the table of contents or to purchase the report from Celent.
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies (NYSE: MMC).