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HCL Technologies

The Growing Role of AI Assistants in the Insurance Industry

The Growing Role of AI Assistants in the Insurance Industry

It’s no surprise that organizations are increasingly adopting AI assistants – recently Amazon Alexa made a transition to the industry. In the 21st century business landscape, where customer satisfaction is paramount, chat bots can deliver an enhanced experience. Although AI assistants have been in operation for more than a decade in the insurance industry, their function is still limited to customer servicing. Insurance providers should seek out ways to expand their roles towards the fulfillment of business objectives and make them an integral part of the ecosystem. Also, due to the advent of digitization and Internet of Things (IoT), voluminous amounts of data are generated with every transaction. In the absence of a process to glean information, the data tends to be siloed within the premises. Insurers have huge data sets at their disposal, including customer information, products, market research data, and asset data to third party sources. Organizations will accrue a host of benefits by streamlining the process of data collection. By leveraging the data points, decision-making will be much faster and efficient. This entails a complete overhaul of the technological infrastructure, involving:

  • Modernization of legacy systems
  • Incorporation of advanced analytics
  • Use of mobile apps to facilitate connectivity
  • Analysis of social media content to gain greater understanding of customer sentiments