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A Day with Artificial Intelligence

Although buzzwords like Artificial Intelligence, Machine Learning, Deep Learning are loud enough. Many of us still believe AI synonym to Robots. As stated by ZDNet – In one of the surveys conducted by Hubspot of more than 1,400 people from Ireland, Germany, Mexico, Colombia, UK, and the US, they found that many respondents did not know that they were already using AI.

However, of the respondents who said they had not used AI, 63 percent were using it. They just were not aware that they were.

Image Source ZDNet

And if you also thought that you are not using an Artificial Intelligence tool, lets sail through your daily activities to help you in figuring out AI tools that are now a necessity.

Google Maps/ Google Search/ Google Photos/ Google Translate

Yes, all of these default apps on your smartphone uses artificial intelligence and machine learning. As you start typing into the search field, the box responds with some of the search terms as suggestions. The suggestions shown are derived from looking for similar words you types, what is trending or your location.
Google photos, on the other hand, scan and identifies similar images and group them/animates based on date/occasion or people. It again uses artificial intelligence and is driven by robust algorithm to locate/group similar stuff.

With individuals sailing on foreign land, Google translate is another handy tool that was built using Artificial intelligence technology. Algorithms/programs used to read and analyze millions of existing translated documents and built specific vocabulary for a particular language. While a user types in a word in his preferred language, the programs look for the most suitable match and provides a translation in the desired language.

Email Filters

Ever wondered how an email lands into the spam folder when a user hasn’t manually selected it? Or why some emails are under promotions? It is again the magic woven by machine learning. The spam filter analyses the sender’s address tracks the network address maintain a list to be referred later,and as an email hits the recipients server, it scans against its data center and labels it appropriately.

Fraud Prevention

I remember when I was making a transaction through my credit card and twice entered incorrect CVV number. Within minutes I got a call from my bank asking if I am the one making a purchase or is it someone misusing the card. In fact, another incident when I was at my native place and logged into my bank account from a new IP, I was alerted via an email and an SMS – there is a new login from an unknown IP.
All of these fraud prevention techniques are possible because of Artificial intelligence as a monitoring tool.

Social Media

Social Media viz Facebook, Instagram, Twitter, Snapchat, Pinterest that are a lifeline to many uses Artificial Intelligence extensively. Facebook or FB uses AI to present you a personalized newsfeed,and even alters the post that you see on your page.
Instagram recently used AI to replace slang with emojis; just for e.g., if you type rofl it would suggest you emojis or hashtags and make emojis more meaningful.

AI is everywhere and expanding its reach on a daily basis. Although all of this is running in the background, we would love to see self-driving cars and kitchen appliances communicating to Siri, Cortana or Alexa. Possibilities are limitless.

 

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Retention playbook for Insurance firms in the backdrop of financial crises

4 minutes read

Belonging to one of the oldest industries in the world, Insurance companies have weathered multiple calamities over the years and have proven themselves to be resilient entities that can truly stand the test of time. Today, however, the industry faces some of its toughest trials yet. Technology has fundamentally changed what it means to be an insurer and the cumulative effects of the pandemic coupled with a weak global economic output have impacted the industry in ways both good and bad.

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Source: Deloitte Services LP Economic Analysis

For instance, the U.S market recorded a sharp dip in GDP in the wake of the pandemic and it was expected that the economy would bounce back bringing with it a resurgent demand for all products (including insurance) across the board. It must be noted that the outlook toward insurance products changed as a result of the pandemic. Life insurance products were no longer an afterthought, although profitability in this segment declined over the years. Property-and-Casualty (P&C) insurance, especially motor insurance, continued to be a strong driver, while health insurance proved to be the fastest-growing segment with robust demand from different geographies

Simultaneously, the insurance industry finds itself on the cusp of an industry-wide shift as technology is starting to play a greater role in core operations. In particular, technologies such as AI, AR, and VR are being deployed extensively to retain customers amidst this technological and economic upheaval.

Double down on digital

For insurance firms, IT budgets were almost exclusively dedicated to maintaining legacy systems, but with the rise of InsurTech, it is imperative that firms start dedicating more of their budgets towards developing advanced capabilities such as predictive analytics, AI-driven offerings, etc. Insurance has long been an industry that makes extensive use of complex statistical and mathematical models to guide pricing and product development strategies. By incorporating the latest technological advances with the rich data they have accumulated over the years, insurance firms are poised to emerge stronger and more competitive than ever.

Using AI to curate a bespoke customer experience

Insurance has always been a low-margin affair and success in the business is primarily a function of selling the right products to the right people and reducing churn as much as possible. This is particularly important as customer retention is normally conceived as an afterthought in most industries, as evidenced in the following chart.

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        Source: econconusltancy.com

AI-powered tools (even with narrow capabilities) can do wonders for the insurance industry at large. When architected in the right manner, they can be used to automate a bulk of the standardized and automated processes that insurance companies have. AI can be used to automate and accelerate claims, assess homeowner policies via drones, and facilitate richer customer experiences through sophisticated chatbots. Such advances have a domino effect of increasing CSAT scores, boosting retention rates, reducing CACs, and ultimately improving profitability by as much as 95%.

Crafting immersive products through AR/VR

Customer retention is largely a function of how good a product is, and how effective it is in solving the customers’ pain points. In the face of increasing commodification, insurance companies that go the extra mile to make the buying process more immersive and engaging can gain a definite edge over competitors.

Globally, companies are flocking to implement AR/VR into their customer engagement strategies as it allows them to better several aspects of the customer journey in one fell swoop. Relationship building, product visualization, and highly personalized products are some of the benefits that AR/VR confers to its wielders.  

By honoring the customer sentiments of today and applying a slick AR/VR-powered veneer over its existing product layer, insurance companies can cater to a younger audience (Gen Z) by educating them about insurance products and tailoring digital delivery experiences. This could pay off in the long run by building a large customer base that could be retained and served for a much longer period.

The way forward

The Insurance industry is undergoing a shift of tectonic proportions as an older generation makes way for a new and younger one that has little to no perceptions about the industry. By investing in next-generation technologies such as AR/VR, firms can build new products to capture this new market and catapult themselves to leadership positions simply by way of keeping up with the times.

We have already seen how AR is a potential game-changer for the insurance industry. It is only a matter of time before it becomes commonplace.

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