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August, 2023

CX Code of the Future

August, 2023

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Table of Contents
01 The Insurance Monthly Roundup

02 A New Era of Efficiency and Personalization In Insurance

03 Beyond the Visible Horizon of Generative AI-– Unveiling More Potential

04 CX Code of the Future 

05 Personalizing CX with Generative AI

The Mantra Podcast Season 2

Tune in to the 1st episode of Mantra Podcast Season 2 with Sumit Bhatnagar, CEO of GreenBrilliance, and Shawn Williams, Director of Business Development in the U.S., Mantra Labs.

Watch the full video!

The Insurance Monthly Round-Up

A quick roundup of the month’s insurance and insurtech news.

(India & Global)

  • Duck Creek Technologies collaborated with HDFC Ergo to transform India’s insurance landscape and offer customized cloud-based SaaS solutions to local insurers.
  • Miami, Florida-headquartered firm Lula secured $35.5 million in a Series B funding round. The company plans to use the funding to not only grow its existing user base but also extend its reach into other sectors beyond the trucking and auto industries.
  • Southeast Asia-based SaaS platform CHOYS acquired a $1.1 million investment. The funds will be allocated to support its go-to-market strategy in Southeast Asia and accelerate its product development.

Unlocking Growth Potential for Indian Insurance Agents

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Transforming Insurance with Generative AI

Generative AI, or generative adversarial networks (GANs), has emerged as a powerful tool in the insurance sector. With its ability to create realistic and synthetic data, generative AI has revolutionized how insurers assess risks, detect fraud, and enhance customer experience.

According to a report by Enterprise Apps Today, the generative AI in the insurance market size is expected to be worth around USD 5543.1 million by 2032. The market sentiment establishes an incline towards adopting the technology into industry practices.

However, while the insurance industry is eager to explore the benefits of generative AI tools, a survey commissioned by InRule Technology reveals that customers may need more time to embrace this technology as part of their insurance experience. The survey found that nearly 59% of respondents distrust or fully distrust generative AI, and 70% still prefer interacting with a human. Insurance companies must carefully consider customer attitudes and readiness when implementing AI technologies.

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Beyond the Visible Horizon of Generative AI in Insurance

In the mosaic of Artificial Intelligence (AI), generative AI subtly emerges as an increasingly significant component. Rather than making loud strides, it quietly integrates into the operational structures of tech companies, amplifying efficiencies, and innovating solutions. This article will shed light on the spectrum of opportunities generative AI presents and its influence on shaping industry dynamics.

Unraveling the broader horizon of generative AI, let’s delve into the impact this transformative technology has on shaping user experiences, expediting prototyping, powering conversational systems, and bolstering anomaly detection in tech companies.

Tailoring Experiences: The Personalization Paradigm

“Personalization – it is not a trend, it’s a marketing tsunami,” remarked Avi Dan, a veteran marketing executive. Tech companies are riding this tsunami using generative AI. Based on a user’s behavior, preferences, and past interactions, AI systems can generate personalized content, creating a tailor-made user experience.

Netflix, for instance, is an industry leader in utilizing AI for personalized content recommendations, contributing to its substantial user engagement rates.

The integration of generative AI in the operational fabric of tech companies is subtly ushering in a transformative era. It has proven to be an instrumental tool in optimizing tasks and innovating solutions, all the while being unobtrusive.

As we step into the future, it’s clear that the quiet symphony of generative AI will continue to play a harmonious tune, enhancing the rhythm of the tech industry’s dance with progress.

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CX Code of the Future

Indian market is a multi-headed Hydra that confounds in more ways than one. Being the world’s largest democracy and the most diverse country has resulted in a level of stratification that most countries would be unable to fathom.

Tier 1 customers hold businesses to an extremely high standard, often on par with global companies operating out of mature ecosystems like the UK, USA, et al.

Tier 2 customers on the other hand are more rustic in their ways of seeing but actively seek the kind of novelty and flair that their Tier 1 counterparts crave. This cohort also strikes a fine balance between modernity and tradition when it comes to customer engagement expectations, e.g. would prefer talking to a live agent instead of a bot.

Tier 3 customers continue to operate on a major time lag, i.e. fully digital touchpoints do not work and software can be a catalyst for change only insofar as they remain invisible in the interactions that Tier 2 customers have with businesses.

Given the democratized access to generative AI technologies, insurers would do well to incorporate them in each and every facet of the customer experience, right from purchase, all the way to fraud detection. 

For insurance companies who are grappling with a changing environment, the Tiered expectations, coupled with a drastic shift in the customer demographic is a double whammy. There can be no one-size-fits-all all customer engagement strategies. The only way forward would be to carefully select an engagement mix and deploy it dynamically to get the attention of GenZ customers.

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Personalizing the Banking Experience with Generative AI 

A transformative application of generative AI in banking is in the area of personalization. By analyzing a customer’s past transactions, preferences, and behavior, AI systems can generate personalized banking solutions.

Consider JPMorgan Chase’s use of generative AI. Their AI system uses customer data to create a personalized financial plan that suits the customer’s individual needs. This has not only improved customer satisfaction but also increased customer loyalty.

It’s clear that generative AI is not just another technology; it is setting new standards in banking operations worldwide. As we continue to advance in AI, its role in banking will only become more profound. It’s not just about the technology itself, but how it’s reshaping the entire banking landscape. As we move forward, the focus should be on constant innovation and adaptation to leverage the full potential of generative AI.

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Business cognizance for the new-age digital insurers

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