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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 is the Great Enabler

February 27, 2020

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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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Elafris CEO Jake Diner, a Forbes Technology Council member, gives his insights on artificial intelligence and blockchain for insurance. A version of this article was originally published on Forbes.com. The insurance sector has a longstanding reputation for resisting change. Who can blame the industry? Avoiding risk is in their DNA. Surprisingly, in my experience as a Silicon Valley insurtech serial entrepreneur, this characterization may no longer be valid. Since 2010,…

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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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