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Conversational Artificial Intelligence in Insurance

by Gitumani-Talukdar
May 16, 2019 16:10

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In the area of computer science, artificial intelligence can simply be defined as an area that purely emphasis on the creation of intelligent high, definitive machines that work and respond like humans. The domain of artificial intelligence is quite massive and can be felt in various fields. Specifically, artificial intelligence in Insurance has created driving opportunities for insurers. In present times, the increasing impact of digital technologies has provided a huge amount of data, thus opening up various avenues to analytics and big data models. Such models are quite useful in predicting outcomes among the other number of business cases.

Conversational Artificial Intelligence

Conversational Artificial Intelligence can refer to as the use of speech-based assistants, messaging apps in order to give an automatic communication, creating personalized customer experiences at scale. It is basically computer software that is designed to increase human conversation via audio or text messages. Millions of the people across the world are frequent users of speech based assistants like Amazon Alexa, Google home by rapidly replacing the traditional web, mobile apps etc. Now, this has become the new medium for interactive conversations.

Conversational Artificial Intelligence(AI) in Insurance

Insurers are under huge pressure for delivering a simple customer service experience. Digital technologies like conversational artificial intelligence are becoming attractive supplemental channels for insurers as a result. Digital agents usually offer a low touch, 24/7 channel for high-value work while increasing agent as well as policyholder satisfaction. By providing high yield channels of engagement, conversational artificial intelligence will help the agents and policyholders through their preferred mode of interaction. Insurers usually approach digital agents as a simple alternative to human contact.

Digital agents do have their limitations and implementing them is something of a balancing act. Here, a successful approach to digital agents will need a blend of automated and human capabilities. Determining whether people want to be in touch with a human and when they expect rapid, automated service is crucial to the implementation strategy.

Digital agents and the rise of an automated Insurance agent

Eliza was the world’s first digital agent, a computer program basically written in 1966 by Joseph Weizenbaum. Since then there has been the trend of using such automated versions for accuracy and compatibility. It was in London during a conference on applications of artificial intelligence, the massive dimensions of the automated agent were discussed. Interestingly most of the conversational agents are given names to make them more human-like.

The relevance of digital agents to the insurance industry is quite simple. Opening up a messenger platform for anyone to develop and deploy digital agents opens the door for the automated insurance agent. It rightly allows insurance firms to deploy distribution. customer service and claims straight into the platform that has 900 million regular users each month and supports 60 billion messages every day.

Why the need for automated digital agents?

Firstly, the need for automated digital agents can be felt as human interaction at times becomes difficult. There are billions of texts sent every hour. Humans have altered verbal communication with written communication. Since the inception of computers, humans have communicated in X and Y language which is then converted into the machine language of Ones and Zeros. Humans are already texting with computers and now digital agents have made it possible for the machine to chat back.

Secondly, the existence of overload apps. When we peep into our smartphone, we have a number of apps that we hardly use. It has been shown that most of us are at our limit for the apps and we donâ€™t need another. Here, the digital agents have an upper hand, as they donâ€™t require an app to engage with customers.

The original instant messaging platforms use very convenient as well as basic digital agents to respond to a text.

Thirdly, it has been observed that conventional email conversation has some disadvantages in terms of conveying things. Which is why an alternative to email called SLACK is used. It allows humans to communicate in a more responsive way than the email. People are more engaged preferably with a digital chat experience rather than an analogue email exchange.

Fourthly, digital agents can handle complex conversations. The advanced digital dialogue management by digital agents is based on machine learning that allows for smarter conversations. It also helps in integrating the amount of workflow with the existing system.

Fifthly, digital agents help to offer a custom web experience to the customers. In todayâ€™s customer-centric era, in order to have long term growth of a company, it is important to enhance their customer experience. The online insurance companies can make use of digital agents to increase their sales. Whenever a new user drops in an automated digital agent can handle and assist the customer to choose the best insurance policy as per the requirement.

Lastly, phone calls are really hard to reach in some remote areas and just a bit of negligence can create the mistrust between the customers and the company, so having a digital agent solves the problem of initiating the conversation. The automated agents with co-browsing and screen sharing software fix these issues to attract more people in real time.

What is SPIXII?

Spixii is basically a technological built by the insurance experts that start by selling off the shelf products. It can be a brand that the customers will connect with as they distribute insurance products using their automated insurance agent. Spixii can also be used as a set up to emulate a travel insurance quote and buy process. And with Spixii, the digital agent will behave like a genuine online conversation with a real life insurance agent.

In a recent Accenture study of the insurance industry, it was found out that, 68% of companies use some sort of the conversational artificial intelligence in at least one segment of their business. For example, answering the basic policy, billing, claims etc.

This shows how automated agents are gripping up to the needs of the customers. It is not only convenient but also less time consuming with almost 80% accuracy to the issues. That time is not far when these digital agents will make a revolution into various industries by significantly helping in digital interactions.