17 May
The Emergence of the Automated Insurance Agent The Emergence of the Automated Insurance Agent

The Emergence of the Automated Insurance Agent

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Rick Huckstep, writing at The Digital Insurer, writes about a recent insurance market event he attended in London, attended by plenty of underwriters and brokers.

Talk eventually turned to an article that Huckstep had written about artificial intelligence, machine learning, and big data. He told his colleagues that upwards of 80% of insurance underwriting would soon be handled in an automated fashion.

Then, Huckstep writes, "Sitting opposite me was a London market broker. He reached inside his jacket pocket, pulled out his pen and said, 'Nothing writes business faster than a Mont Blanc pen!' And he was deadly serious.

Hucklstep goes on to note that this traditional mindset is still fairly prevalent in the insurance industry. However, he notes, "technology is rapidly catching the insurance industry up. It’s just that some in the insurance industry don’t yet realize it!"

One way that's happening is via the Chatbot, which is more or less an automated insurance agent. More specifically, Huckstep defines a Chatbot as "a computer software program that is able to communicate with humans using artificial intelligence."

Chatbots have been in use in the insurance industry for a good decade. So why are they only now rising to prominence?

Huckstep mentions a recent announcement by Facebook to open up its Messenger platform to anybody who'd like to deploy Chatbots on it. With 900 million users each month (and 60 billion messages a day), there's certainly a lot of traffic there to harness for claims and customer service purposes.

Plus, with people using so many apps nowadays, Chatbots have an advantage: They don't need an app to connect with customers -- something that customers might find both innovative and less of a hassle.

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Read 2937 times Last modified on Friday, 11 May 2018 02:52
Jim Lillie

Jim began writing for newspapers and designing for publishing companies at a time when both industries were just beginning to make the switch from manual to digital platforms. Jim lives in Boulder, Colorado with his teenage son.

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