The insurance industry, after the trade market, is another sector where it is hard to predict the next big paradigm shift. Given the tentative stability and natural catastrophes, insurance companies often stand on a trembling ground and confront massive challenges, even when it comes to adopting seamless and intuitive digital solutions such as Artificial Intelligence in Insurance. According to PwC's 20th CEO survey conducted in 39 countries, the greatest concerns that loom over the 95 CEOs of the insurance sector today are the subdued premium rate, mild interest rates, shifting consumer behavior, slow economic growth, need for regulations and technological innovations and blazing market competition. Let's delve into the idea of introducing artificial intelligence in insurance, and how it impacts the current legacy processes. This shows how the insurance industry is struggling to comprehend and leverage digital advancements.
Big data is disrupting the retail industry, ushering in a new era of hyper-targeting and hyper-personalization. Just as the Internet disrupted traditional retail storefronts 20 years ago, the era of big data is now upending conventional retail marketing models that relied on demographics. A wealth of structured and unstructured customer data creates the potential to understand customer intent in real time and target customers for instant sales. For many retailers, however, the true potential of this data remains untapped with no practical application. Retailers lack the capability and expertise to analyze this data fully and then translate findings into action.
The digital age is termed the age of networked intelligence. Digital is not entirely new in the business ecosystem, but the increased interest is caused by the high rate of (r)evolution in digital technologies at present. Developments in analytics and big data provide organisations with new capabilities to re-engineer business process for better and efficient service delivery, as data is readily available, to the right people, in the right format, at the right time – elements of quality information. The advancements in mobile technology and widespread internet adoption have also given the customers new ways and options to research and purchase their desired products, so the business technology trend is plunging into the digital space. Digital technology has changed the way we live our life, both in public and private.
The'always on' digital age in which we live means consumers now expect companies to be able to communicate in a fast, accurate and relevant manner. The challenge for mortgage lenders is keeping pace with this technological change to ensure they remain competitive. It is with this in mind that companies are pushing technology boundaries. New digital advancements are being reported every week in the media, from Santander's '30 minute' online remortgage application, which is enabled by Hometrack's AVM, to Habito's artificial intelligence-based mortgage advice service. The purpose of both these offerings essentially, is to streamline the mortgage application process and reduce the time to offer.
Surveys show that 89% of consumers opt to engage with businesses through text and 64% of consumers that communicate with businesses via text leave with a positive impression. Clearly, we are not far from the time where majority of interactions will be automated completely given that conversational AI / intelligent chatbots are playing a crucial role in almost every industry. With chatbots becoming mainstream, several industries are utilizing them as they offer greater and less intrusive opportunities when it comes to customer engagement (esp. It is only a matter of time before chatbots in restaurants make their way to the forefront. Designed to communicate in a meaningful manner with customers, chatbots can be integrated with any interface (Facebook, Slack or Telegram to name a few).