The Insurance Industry has always consumed large amounts of data. The main driver for this consumption is to manage and assign risk. The first data ingest point is at the policy level data captured from the customer. Artifical Intelligence (AI) and Machine Learning (ML) can process live streaming data and identify outliers. Customer Relation Management (CRM) systems have become a more accurate way to capture customer data while providing real-time notification of abnormalities in key data fields. Progressive, a leader in the Insurance Industry has rolled out an Innovative solution.
Progressive Insurance has launched a chatbot on Facebook Messenger that lets consumers ask its brand mascot Flo questions about buying car insurance.
Traditional Insurers like Progressive, as well as Insurtech companies, are using different or multiple approaches for CRM. The traditional agents process is evolving with younger tech-savvy customers less likely to seek out traditional storefront agents and baby boomers still happy to do so. CRM uses AI and ML in the following ways:
- Replace all direct customer interaction with an automated system (Bots) powered by cognitive services utilizing speech recognition and or text processing.
- Bot first approach with human backup for outliers and support. Most insurers use this at some level.
- Human first with AI-driven support to help direct and guide the Used by some traditional agents to deliver better and more complete service.
All methods attempt to capture accurate and complete data promptly while avoiding gaps or inconsistencies. Any data that is deemed to be an outlier is flagged for review. Then using the captured data, customers are directed to the appropriate products and/or services.
Nick Leimer is the Principal Insurance Industry Lead on the Azure Industry Experiences team led by Paul Maher. Nick brings 20+ years of experience bridging the business and IT gap in application development, operations, and infrastructure. Before joining Microsoft, Mr. Leimer was the Senior Director for Actuarial Compute at Manulife leading the migration of LAN based HPC Farms to the Azure environment for all of Asia; including all desktop Moody’s / GGY Axis users and data feeds. Prior to Manulife, his career progressed through developing applications for Actuarial Valuation and Projection including components of ArcVal and Prophet, the Defined Benefit area with the Pension Benefit Guarantee Corporation (BPGC), and leading life insurers, AIG and Manulife.