Author Archives for Anna Vertyporokh

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 advance in computer memory, parallel processing, and new computer languages and paradigms. This digital transformation changed the industry but not without great expense and…

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“No policyholder sees interactions with their carrier as the high point of their day.” -- a joke by a 35-year Property & Casualty executive but also a common presumption by industry veterans. True or not, it exposes a troublesome weakness in the industry--insurance customer experience that is lackluster at best. What does this customer interaction look like?Insurance purchasers venture out online to try to make sense of the heaps of information…

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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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Smartphone held in a man's hand shows icons of information floating above the screen.

Within two years, 80% of financial brands will have natural language virtual  chatbots serving customers according to an Oracle survey of 800 firms. This nearly universal adoption of artificial intelligence chatbots may seem surprising to companies just beginning to explore all of the customer-focused virtual assistant platforms that are now hitting the market. What is driving this rush to launch intelligent technologies for customers?The proliferation of smartphone-mobile internet, voice-enabled connected…

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Invisible main in suit with his AI assisted brain lighting up.

Artificial Intelligence, Lion or Lamb?Rising anxiety over the wave of new artificial intelligence technologies has percolated into the press who decry the the arrival of artificial intelligence. AI is painted in the popular media like it's a looming plague on business and workers alike. Headlines tick off alarming projections of job loss and unforeseen business vulnerabilities from machine learning, new automation and big data. Is all of this squawking over intelligent technologies…

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

 Customer Experience in AscendanceThe 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 make…

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AI Agents for Insurance

38% profit increases from artificial intelligence within the next 17 years--claims included in Allianz’s recent paper, The Rise of Artificial Intelligence: Future Outlook & Emerging Risks. This rosy outlook is from a report that focuses on the broader context of intelligent tools beyond insurance AI. These numbers rely on a dubious assumption of continued acceleration of AI adoption across all industries. As with all change, multiple factors will drive or…

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A woman looks at her smartphone that is showing insurance agent software that is a chatbot asking her how the chatbot can help her.

Insurance Agent Software ChallengesInsurance agent software with artificial intelligence (AI) are transforming the way carriers communicate, including its less familiar machine learning and natural language capabilities. The deluge of information about insurance AI scares away many insurers from even exploring what AI agents can do for them. Where should insurers get started?Some choose to take a less obvious AI insurance agent strategy--begin with virtual chatbots that supercharge the front line…

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humanoid robot viewing small humans standing in the palm of its hand

Artificial intelligence was first invented in the 1950s and in the time since its birth, the power of our machines to compute has increased one trillion fold. A couple of Nintendo game consoles could have taken us to the moon in 1969 and a used iPhone 4 could trounce the Cray-2 supercomputer of 1985. We have watched our devices get smaller and faster. But our machines are quietly getting smarter…

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Insurance agent touching a virtual image with the word INSURETECH

The waves of cutting edge technologies have not missed the property and casualty insurance sector. The most recent wave penetrating all aspects of the industry are the explosion of artificial intelligence (AI) and big data analytics applications. Insurance AI is seeing platforms aimed at the front lines and the back office. They can help reduce risk and forecast the future bringing more reliability to planning at all levels of the…

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