Forward-looking insurers are using AI to innovate insurance processes like claims to keep up with customer demand for a 24/7 digital experience, while boosting operational efficiency. And conversational assistants, such as chatbots, are one of the most prevalent applications of AI used to accomplish this. But for customers to embrace the tech, chatbots need to drive a good conversational experience that mimics human agents, and bots must have access to relevant customer information to successfully address their requests. To that end, insurer Zurich UK worked with white-label chatbot provider Spixii to expand its initially limited digital capabilities to provide customers with an immediate way of declaring claims. The insurer knew it had to meet customer demand for an "always-on" digital experience around claims, and while it likely identified chatbots as a good solution from both a time-to-market and budgeting perspective, it needed to ensure the tech would provide a cohesive experience across online and offline channels.
Together, the last two responses add up to 71 percent of respondents, and Accenture reports that insurers are investing in AI in several areas of the business, including distribution, claims and underwriting. They are looking to empower agents, brokers and employees to enhance the customer experience with automated personalized services, faster claims handling and individual risk-based underwriting processes, Accenture said in a statement. Separately, Carrier Management interviewed representatives of four global insurance groups--XL Catlin, Allianz, QBE and Zurich--who described some of the AI initiatives already underway at their firms. They range from condensing lengthy engineering reports for swifter underwriting, reassigning some of the claims administrative services handled by offshore humans to robots, interpreting crop risk information delivered by drones, and deciphering communications from customers with heavy accents using natural language processing. Also detailed is Zurich's use of a multilingual natural language processing product called Cogito from Expert Systems that mines complicated, voluminous claims data to rapidly provide more refined information to claims adjusters for faster decision-making.
We recently had the opportunity to catch up with Attila Toth, CEO, zesty.ai, the Silver Winner of the 2019 Zurich Innovation World Championship, to discuss how Artificial Intelligence is impacting the Property & Casualty Insurance market across personal and commercial lines. Click the link to have a listen. You can also read the full transcript of the conversation below. With me today is Attila Toth, CEO of zesty.ai Today we have an interesting show planned for you where we're going to talk about the global insurance industry as it undergoes a digital transformation. As insurance companies find themselves trying to make sense of all these new technologies – artificial intelligence, natural language processing, machine learning, computer vision, – understanding the business case for each can be extremely confusing and daunting. With insurance companies being held to higher customer expectations, the time is now to embrace new technologies to leapfrog the competition. Being status quo is no longer an option. Technology is driving diversity across many industries – insurance included – as it reshapes the value chain. Age-old processes are being disrupted, while new market entrants and changing business models are bringing new threats, as well as opportunities for those who act on them. Some of the questions we'll cover today include: What is the value that AI is delivering to the insurance industry, and how are insurance providers reacting to these seismic changes?
The project is an endeavor by the UBS Wealth Innovation Lab in Zurich, led by Dave Bruno. In cooperation with Amazon, the U.S. online warehouse, UBS wants to take its financial expertise to the client, the bank said in a statement on Thursday. The two companies are linking artificial intelligence with digital voice recognition. The laboratory in Zurich also has a project running with nViso, a Lausanne-based software company. The tool – dubbed «Emotionadvisor» – is designed to detect the wishes of customers simply by analyzing their facial expressions.