Author Archives for Elafris

Person in a waiting room looks at a phone screen with a chatbot conversation showing on it.

Customer Experience in Ascendance The fight for new insurance business is expensive and fierce. Policyholders primarily choose their policies based on price but increasingly their experience interacting with the insurer can tip the scales in winning or keeping valuable clients. Customer experience covers a lot of dimensions. And now it also includes all of the new digital touch points too. It's getting harder to know what is really going to…

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The challenge for insurers is how to meet the increasing policyholder expectations without breaking the bank. At the ready are smart virtual agent tools solve this puzzle while also delivering service cost savings. But how do agencies move forward with these tools and integrate them into current day-to-day operations? Artificial intelligence and the subfields of machine learning and natural language processing have been moving from academia and the research labs…

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ai virtual agent

Many insurers are investing in artificial intelligence beyond the AI subfield of machine learning. Opportunities range from an enhanced customer experience (reduced cycle time, personalized advisers through chatbots, fast track claims management), to productivity efficiency, pricing sophistication, churn risk anticipation and accurate Fraud detection patterns. Insurers can either build internal capabilities, partner with start-ups on these fields or do both to accelerate time to market impacts. AI is a great enabler. Nevertheless,…

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Artificial intelligence (AI) is set to revolutionize the insurance industry and it is coming to every carrier, agency and policyholder. AI, at its most basic understanding, is the mimicking of human behavior: Learning Talking Listening Seeing Feeling (Sensing) Analyzing This definition is simple enough to understand. Where things really take off is when the complexity within these elemental skills increases or in the combination of these elements. Then we begin to…

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Our lives are changing rapidly, driven by the technology we now use on a daily basis. It seems like this digital transformation just started but it's is not new. It's been underway for twenty years and is now upending many long-standing practices in sectors like finance and insurance. We may have forgotten but the addition of tech to the insurance and financial sectors has been a consistent progression, a stream of…

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Talking on the phone is taking a backseat to all of the other ways we can communicate. Writers lament over the loss of our shared habit of jumping to answer the phone, but with the number of robocalls surpassing 3 billion per month in the U.S., we may have been driven away from using the phone, or even listening to voicemails. Sales calls, scams, pollsters and politics seem to ring the…

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View of a futuristic city at night through a crystal ball.

Viral...Runaway... ...are weighty and sometimes alarming descriptors for recent changes infiltrating the property & casualty insurance field. Month by month new tools for insurers are coming to market. From established companies expanding their product lines to upstart insurtech entrants, insurance vendors are bringing a fresh set of capabilities to the industry. Insurance AI versus ROI The tough task for agencies and carriers alike is knowing exactly where to invest in…

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Casual discussions over drinks or after meetings turn more and more to fears that artificial intelligence is destined to put us all out of work. It may not be time to queue up for government cheese just yet. As with other game-changing technologies, the need for the creativity and the human touch is evergreen. For a long time, the insurance industry has supported a few well-integrated ecosystems. Within these arrangements,…

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The insurance industry has helped drive new technology and automation since the earliest days of telephones and computers. Within memory is the era of data processing and room-filling  mainframe computers with their army of keepers. The industry’s voracious appetite for better and faster data computation pushed the advances in computer memory, parallel processing, and new computer languages and paradigms. This first-wave of digital transformation transformed the industry but at huge expense…

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Artificial intelligence in property & casualty insurance has become pervasive. Most information about this in the press focuses on improving front office functions, helping customer service handle the tens of thousands of customer interactions, or on powering new capabilities to glean insights from the industry’s voluminous data stores. But now the light has begun to shine on how artificial intelligence can transform property and casualty claims. What about artificial intelligence for…

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