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4 Ways To Disrupt Insurance With Customer Technology

#artificialintelligence

Insurance has long been associated with frustration. From the slow underwriting process to the lengthy experience of getting a claim filed to the lack of data and analytics being used to personalize and tailor the customer experience, insurance is ripe for disruption. I frequently discuss the potential for insurance and disruption with William Brower, VP, Product Management - Claims at LexisNexis Risk Solutions. Together we created a framework to show what is possible with technology. There's potential for insurance, whether it's an operating system for claims like GuideWire or using drones to assess damage.


IoT: The customer experience accelerator you can't afford to ignore

#artificialintelligence

IoT represents a powerful source of data that, when combined with analytics, can yield insights on everything from behavior to emotions and health. It also provides opportunities for immediate communications that allow companies to deliver contextually relevant responses and offers in real-time. And the potential to detect product failures before they happen has implications well beyond the manufacturing floor, particularly when applied to expensive cars, electronics and smart components. Savvy companies are starting to realize this. According to IDC, worldwide spending on IoT will increase by 15.4 percent from last year, hitting $745 billion in 2019 and topping $1 trillion (US dollars) by 2020.


AI-powered insurance creates new experiences and combats fraud

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We are seeing the beginning of the next big disruption in the insurance industry. Companies that don't embrace this are going to miss out on the most impactful change since the internet.


Building Beautiful Customer Experiences With AI

#artificialintelligence

Even though artificial intelligence has been around for 60 years, it is only now that we can use AI to create personalized customer experiences, better self-service and key customer insights. For decades we've provided customers with experiences that were very non-human. All too often we don't know who our customers are, what's going on in their lives or what they need. Across the board, customer experiences are still made for the masses and not the individual. However, advances in AI have made it possible for brands to treat customers less like machines and more like people.


Building Beautiful Customer Experiences With AI

#artificialintelligence

Even though artificial intelligence has been around for 60 years, it is only now that we can use AI to create personalized customer experiences, better self-service and key customer insights. For decades we've provided customers with experiences that were very non-human. All too often we don't know who our customers are, what's going on in their lives or what they need. Across the board, customer experiences are still made for the masses and not the individual. However, advances in AI have made it possible for brands to treat customers less like machines and more like people.