The major international companies increasingly use the new technologies based on artificial intelligence, as these can evolve the interaction among service providers and users. One example of this is the online virtual assistant who speaks to users in all languages and adapts to their “style” and demands.
The aim is to be even closer to customers with an offer of services provided via apps based on AI. This approach can provide the user with a totally different experience: the so-called “social customer care”.
In a world where people live constantly on their mobile devices, artificial intelligence gives users the chance to talk to anyone in real time via textual platforms and messaging applications. Conversations thus become a marketplace where companies meet their clients and interact in a smart way with the benefits of high value, simple and immediate services.
In 2016, more than 10,000 companies started developing chatbots, AI software that can simulate a smart conversation on a chat, allowing companies to offer a functional support service through messaging platforms by giving users the chance to interact directly with the system.
Artificial intelligence also provides new opportunities to the insurance industry by allowing the insurer to offer the customer the most suitable solution in real time.
Data analysis is not an innovation in insurance, as it is an industry based on risk analysis, but artificial intelligence can expand the amount of data and the way it can be used.
The possibility to analyze large amounts of data in a very short time, with self-learning process capabilities, is a great value opportunity to create “tailor made” services based on users’ needs, thus overcoming the challenges of digital transformation and offering users an innovative customer journey.
These new tools allow insurers to offer benefits such as increasing the quality of their services (with lower costs) that are more appealing than traditional products.
Those organizations that aim to evolve their offering with high value services by using new technologies will benefit from this transformation and they will interact with the customer with new digital paradigms.
But the benefits for customers are also clear as there will be more dynamic products where insurance coverage will be integrated into a wider service.
This new tool offers the opportunity to revolutionize the Policy Administration System by expanding the insurance impact both on the customers lives and on the interaction with the insurer, using natural conversations to find immediate answers to their needs. The future of artificial intelligence will find an application also in the insurance market, revolutionizing processes and communication strategies and the driving forces behind this phenomenon will be the virtual assistants already in use by the web giants.