Artificial intelligence (AI) is one of the hottest topics in the business world today. It is the subject with its own postives and negatives. The positive view envisions an automated world that is safer and more efficient, with new products and services and more leisure time to enjoy them. Those with a negative view fret that AI will lead to massive job loss, new and unforeseen risks, a world of constant surveillance, loss of privacy, and limits on individual freedom.
According to SMA, AI has a great potential in Insurance Industry in both personal as well as commercial lines, like it analyses market trends, faster processing, digital secutity, fills workforce gaps, improves compliance etc.
Few important AI technologies that has potential in Insurance Industry are Data/Text Mining, Machine Learning, Robotic Process Automation, Chatbots.
The strategic approach taken by Salesforce is to integrate the business process directly into chatbots and allow for seamless escalation and handoff to humans. Chatbots can be used to collect information upfront in a customer interaction, like beginning the filing of a claim. If human intervention is needed, then a representative can step in seamlessly.
Salesforce is empowering insurers to connect with their policyholders in a whole new way. Salesforce delivers tools that unlock customer data with AI and process automation so companies can keep policyholders at the center of their business. From self-service portals, to chat bots, across social media and messaging applications the Salesforce platform delivers a seamless experience for property and casualty insurance carriers to connect through any channel with policyholders. With a 360 degree view of the policyholder that includes household, policy, claims, and interaction information, accessible from one screen, on any device, producers and customer service reps can benefit from increased long-term performance results by embracing a digital strategy with the world’s #1 CRM solution for insurers.
AI Technologies are definitely a bigger value addition to the company as well as the customer, increasing the functionality of the companies along with the ease of operation.