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Banks and credit unions looking to grow relationships with Millennials and Gen Z must embrace chatbot technology. With AI evolving at an exponential pace, the adoption of automated chatbots is set to take off. Simply mentioning artificial intelligence may evoke thoughts of the malevolent HAL 9000 from “2001: A Space Odyssey.” But this isn’t sci-fi; AI is going mainstream. Most of us have already encountered AI, but probably didn’t realize…

Key Points With proliferation of insurtech, insurers have access to more and better data than ever before AI and machine learning will allow insurers to interpret data to fundamentally transform the industry Innovations in distribution and customer engagement will raise questions for brokers and agents Insurtech industry faces regulatory hurdles at every stage of the value chain The emerging insurance tech (“insurtech”) industry is growing at breakneck speed. While in…

In today’s business ecosystem, it’s an understatement to say there are many drivers of change in the insurance industry. Blame it on the 'next Industrial Revolution,' which is sometimes referred to as the fourth Industrial Revolution, or 4IR. It threatens to change the traditional power structure and hierarchy in the insurance industry through the democratization of data, the rise of automation, and the use of intelligent machines. Point the finger…

There has been a lot stated about the promise and reach of Robotic Process Automation (RPA), from enhanced productivity and improved customer experience to cost savings. Current estimates suggest RPA will impact as many as 1 in 3 jobs worldwide. It is now unquestionable that the robotics tools on the market today can empower transformative change. But a pressing question remains: Exactly how can insurance professionals harness the capabilities of…