Author Archives for Elafris

The business of insurance is challenging. Highly complex, countless regulations and burdensome reporting, it also requires personalized service to each customer. Recent years have brought new riddles to solve, like commoditization and the digital revolution. For those who can manage these demands, it’s an industry that can be very rewarding. For the past decade consumers started to believe policies differ only by price. This insurance commoditization has been plaguing the…

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 The insurance industry has been undergoing a digital transformation for the past few years. The majority of attention has focused on three areas--the sales process, customer support, and back office workflow efficiencies. A relatively unaddressed area by this revolution is arguably the more important for one, the claims process. Digital transformation of claims is set to become a prime insurer differentiator in 2019. The recent history of increased claims volumes…

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Consumers who have encountered the past crop of smart AI assistants are waiting for better “intelligence” from these AI-enabled platforms. For companies developing digital assistants, the expectations are even more stringent--brands design scripts for customers to follow that seem, to the company at least, like they are intuitive and necessary. Users instead hope the virtual agent will understand their requests and answer in human-like, conversational language and in a meaningful…

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Artificial intelligence adoption in the insurance industry, from carrier to agency, has gone from if to when. 2018 became the year leaders at all corners of the insurance ecosystem had to admit AI is important for the future of the business. The question at the top of the agenda for innovation executive teams is how to select the optimum uses for artificial intelligence services. Part of the answer depends both…

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Insurance is not immune from the changes taking place in every industry from the new artificial intelligence (AI) technologies accelerating the digital revolution. Much of this advanced automation and “intelligence” seemed far off in the future but they have become mainstays in our business processes and our customers’ lives, barely warranting our notice anymore. From speaking to a phone auto-attendant about why we are calling, to systems that scan and…

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When is a phone not a phone? When it’s in the hands of today’s customers.  In our daily lives, we have shifted from talking to typing to communicate using our phones. This transition was swift for Millennials and Generation Z who text three times as often as making a call. But even older smartphone users, up to 55 years old, text twice as often as they call. It’s only natural…

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virtual insurance agent

Insurance is the latest industry to see an acceleration of digital innovations that are transforming the way carriers and agencies operate. From chatbots for insurance to big data to detect fraud, advances in artificial intelligence, machine learning and data science have arrived in the form of products and services ready to integrate into the current insurance business. More than an app or website, these powerful tools can help improve back-end…

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top chatbots for insurance

Artificial intelligence and sophisticated automation are enabling businesses to jump ahead of the competition and increase operational efficiency. Insurers of all types are building chatbots and virtual agents (VAs) to save on overhead, increase customer satisfaction and bring products to market sooner.Research hints this is just the tip of the iceberg for insurer virtual agents. VAs translate and integrate effortlessly with messaging apps. These apps, like Facebook Messenger, WhatsApp and…

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chat bot insurance

AI agents for Insurance & Financial sectors brings new life to online toolsInterest Dropping for Online Finance ToolsThe first wave of online personal financial management tools were good but they have failed to hold customers’ interest. Financial institutions were hopeful customers would find these aids helpful on a continuing basis. Unfortunately, they have fallen far short of these early, idealized expectations. So now financial institutions including banks, brokerage firms and…

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Server stacks for artificial intelligence systems

Insurer Transformation via AI's Online Agents and Operations OptimizationInsurance carriers are embracing emerging technologies more and more on their way to conquering the industry's digital transformation. At the same time, Artificial intelligence (AI) solutions have matured into robust but approachable investments that can help with this change. Insurers are prioritizing AI technology projects into their core functions now that artificial intelligence products offer wide-ranging applications for insurance, from virtual insurance agents…

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